SCOR Global Investments
SCOR Global Investments is the asset management division of the SCOR group. It is composed of two dedicated entities: (i) a Group Investment Office and (ii) a regulated asset management company, SCOR Investment Partners. SCOR Investment Partners centralizes the management of all the assets held by the Group’s entities. In certain jurisdictions, such management is necessarily delegated to external asset managers.
Group Investment Office
The Group Investment Office is in charge of all topics relating to the investment portfolio of the SCOR group.
SCOR Investment Partners
Regulated by the French financial market regulatory body, the Autorité des Marchés Financiers (“AMF”), SCOR Investment Partners is the SCOR group’s asset management company.
The investment team is organized around 6 asset management desks:
- high yield and leveraged finance,
- equities and convertible bonds,
- infrastructure loans,
- insurance-linked securities (ILS), and
- real estate (both direct and loans).
Using the expertise initially developed for the management of SCOR’s own investment portfolio, since 2012 SCOR Investment Partners has opened some of its investment strategies to third-party institutional investors.
Visit the SCOR Investment Partners website: www.scor-ip.com
In order to implement the Group’s investment strategy at both a central and global level, SCOR has managed its investment portfolio internally since 2008 under SCOR Global Investments. This investment strategy includes strict monitoring of the risk appetite and dynamic positioning in accordance with an enhanced Asset-Liability Management (”ALM”) process, while integrating economic and market expectations.
The investment portfolio is dynamically positioned to optimize its financial contribution to the Group’s results and capital allocation. SCOR follows a capital-driven investment process, ensuring through a very strict ALM process that tactical asset allocation is aligned with the Group’s risk appetite. Meanwhile, SCOR has set very strict risk limits (value at risk, investment guidelines) which, combined with a permanent monitoring process, protect the Group from extreme market events and severe loss scenarios.
SCOR has a strict governance process and an ERM-focused organizational structure:
- on the recommendation of its Risk Committee, the Board of Directors approves risk appetite, risk limits and consequently the capital allocated to investments;
- on the recommendation of the Group Investment Committee, the Executive Committee approves the overall investment strategy and the macro-positioning of the investment portfolio.
The investment mandate assigned to SCOR Global Investments consists of:
- proposing the macro-positioning of the invested assets portfolio, subject to risk appetite and risk limits, the respect of a strict ALM process, economic and market expectations, accounting rules and strict foreign exchange matching between assets and liabilities;
- implementing the investment strategy;
- optimizing the absolute return on invested assets and focusing on the recurrence of yields while controlling yield volatility. This objective is achieved through active and dynamic portfolio management, the identification of cycles and market opportunities, and strict qualitative and quantitative risk management.