SCOR Global Reinsurance Ireland

SCOR Global Reinsurance Ireland DAC (SGRI) has started a project to move its head office from Ireland to France.

It will convert from being an Irish designated activity company to a French public limited company (société anonyme). This means it will retain its legal personality and keep its contracts, assets and customer relationships. There is no transfer of assets, employees or customer relationships to another entity. SGRI will continue to exist in the form of a French public limited company (société anonyme) without being dissolved or wound up.

This is being carried out in connection with a proposed rationalisation of the French headquartered SCOR Group in order to improve efficiencies within the SCOR Group in France. These improved efficiencies will arise because the head office of SGRI will be in the same jurisdiction as SCOR SE, the parent company in the SCOR Group. An additional efficiency is that SGRI would be subject to supervision by the French Prudential Supervision and Resolution Authority (Autorité de contrôle prudential et de resolution) (ACPR), which is also the regulator of SCOR SE.

A relatively new European Union (EU) legal process¹ allows a company established in an EU member state to move into another EU member state. This process is referred to as a “cross-border conversion”.

A cross-border conversion allows a company (without being dissolved, wound up or going into liquidation) to convert its legal form under which it is registered in its existing EU member state, into a legal form of another EU member state. This process also allows a company to move its registered and head office to such other EU member state.

The cross-border conversion is documented through the Draft Terms of Conversion. Upon completion, all assets and liabilities of the company, including contracts, creditors, rights and obligations, shall be those of the converted company. The members of the company will continue to be members of the converted company.

Footnotes

¹ The framework for a cross-border conversion is provided by EU Directive 2019/2121 amending Directive (EU) 2017/1132.

This is the primary legal document used to document the terms of the re-domiciliation in the form of a cross-border conversion. It sets out various particulars of the cross-border conversion, including:

• the company's new features such as name, registered office address and legal structure as a French public limited company (société anonyme);
• the list of the future board members of the company in France;
• an indicative timeline for the conversion;
• a description of the impact on shareholders and creditors; and
• a description of the impact on employees.

For the purposes of asking questions or sharing comments about SGRI’s head office move from Ireland to France, the term ‘creditors’ includes persons or entities who are (retro)cedants, claimants under a reinsurance policy/treaty, contractors, service providers or others with a legal relationship with SGRI.

For the purposes of applying to the Irish High Court for adequate financial safeguards, a ‘creditor’ is defined as persons or entities entitled to a debt or claim against SGRI on 21 May 2025.

Yes, certain approvals are required. The move of the head office is subject to scrutiny of the Irish High Court, approval by the French commercial register and prior issuance of a reinsurance licence by the ACPR.

Upon completion, SGRI will be based in France and will be known as SCOR Global Reinsurance France (SGRF). SGRF will be regulated by the French regulator ACPR and will have a head office management team based in France. SGRF’s new head office will be based in Paris, France.

The move of SGRI’s head office is expected to complete by mid-January 2026.

No. There is no change to the strategy or business model of SGRI.

The solvency regime as detailed in the Solvency II Directive applies across the EU, which means that the same solvency regime applies pre and post the head office move.

Upon completion, there will be a change in financial reporting as per the requirements of French GAAP. Please see section 9.7 of the Draft Terms of Conversion document for further details.

Notwithstanding this change in financial reporting, there will be very little impact on the solvency position of SGRI and/or SGRF upon completion of the head office move from Ireland to France. SGRI’s assets and obligations to customers and creditors will not change as a result of the move of the head office from Ireland to France.

SGRI will continue to be subject to the supervision of the Central Bank of Ireland until such time as the conversion is completed. Upon completion of the head office move from Ireland to France, SGRF will thereafter be subject to the supervision of the French regulator, the ACPR. As a result, there will be no interruption in the regulated status of SGRI during the conversion process.

No. You will continue to be reinsured by the same reinsurance company. However, the name will change from SGRI to SGRF upon completion of the head office move from Ireland to France.

If you would like to ask a question, share a comment or apply for financial safeguards, these may be submitted in writing to the Company by post or courier addressed to: SCOR Global Reinsurance Ireland Designated Activity Company, 6th Floor, 2 Grand Canal Square, Dublin 2, D02 A342, Ireland. In addition, such comments can be submitted by email to the following email address at: SGRFCEO@scor.com.

No. There is nothing you need to do.