France’s SCOR Group has received final approval to start operating a Property and Casualty branch in Beijing from the China Insurance Regulatory Commission (CIRC). The endorsement of SCOR’s request to set up a nationwide non-life reinsurance operation will enable the Group to “further accentuate its strong commitment to this fast-growing insurance market,” said the bulletin
General Manager Ms. Min Wu will head the new Beijing Branch.
Chairman and CEO Denis Kessler noted that SCOR “has been present in China for over 35 years, and indicated that the approval for the new branch office puts it “in a position to further benefit from the high growth rate of the Chinese reinsurance market. The official branch office status will allow our dedicated team of local experts, supported by the resources of the entire Group, to reinforce the Group’s reinsurance business activities and provide both SCOR and the Chinese market with a higher level of mutually beneficial opportunities.”
SCOR opened a representative office in Beijing in 2000 and obtained the CIRC’s approval to apply for the establishment of a non-life reinsurance branch in October 2006. SCOR said its “local presence has enabled it to maintain close contacts with the Chinese market, establishing treaty and facultative business relationships with a growing number of domestic insurance and reinsurance companies.”
Source: SCOR – www.scor.com
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