France’s SCOR has been admitted as a property and casualty reinsurer in Brazil. In addition, SCOR is currently completing the formalities for SCOR Global Life US Re Insurance Company to operate as an admitted Life reinsurer in Brazil. SCOR said the move is part of its “strategic plans for the expansion of its underwriting in Latin America.”
Score Joins a number of other reinsurers, who have opted to substantially expand operations in Brazil, following the country’s decision to substantially relax its collateral requirements and open its market (See IJ web site – https://www.insurancejournal.com/news/international/2007/12/27/85928.htm).
“This approval by the Brazilian reinsurance authority SUSEP (Superinténdencia de Seguros Privados Ministério da Fazenda) will enable SCOR to further enhance its long-established market position in Brazil, the largest insurance market in Latin America.” said the bulletin. “Total yearly insurance premium volume in Brazil is approximately €20 billion [$31.6 billion]. SCOR has been active in Brazil for many years and has two offices there, one in Rio de Janeiro and one in Sao Paolo. Jose Carlos Cardoso will be heading the Representative office.
Chairman and CEO Denis Kessler commented: “We are very pleased to have been admitted to the Brazilian reinsurance market,” adding that SCOR could now provide. “even more comprehensive risk management services.” He also noted that, following SCOR’s admission to the Chinese reinsurance market in February, “the admission to the Brazilian market constitutes the second major opportunity this year for SCOR to enhance and develop its commitments and business relationships in a rapidly growing insurance market.”
Up to now, SCOR has provided reinsurance capacity to the Brazilian market in traditional property treaty business and in the fields of facultative, agriculture and engineering reinsurance. In the future, SCOR will also offer casualty, surety, aviation and marine reinsurance.” As the world’s fifth largest life reinsurer, it also expects to take a prominent position in that market and related services.
Source: SCOR Group – www.scor.com
Topics Reinsurance Market
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