France’s SCOR announced the creation of a local entity in Brazil, SCOR Brasil Resseguros SA (SCOR Brasil Re), following receipt of a license to operate as a Local Reinsurer granted by the Brazilian insurance authority SUSEP on August 26th, 2014.
SCOR Brasil Re “begins Life and P&C operations in Brazil with a capitalization of BRL 100 million [$44.7 million],” said the announcement. The new local entity is based in Rio de Janeiro and has a branch in Sao Paolo.
SCOR also noted that the “current reinsurance regulations in Brazil heavily favor Local Reinsurers, giving them privileged access to ceded business. Therefore, SCOR’s new Brazilian entity will play a key role in terms of offering the best business opportunities to our Brazilian clients on both the P&C and Life sides.
“On the P&C side, the strategy is to continue developing the Specialty Lines, leveraging the Group’s global expertise through the Local Reinsurance license to become one of the top 3 Specialty reinsurers in Brazil. On the Life side, SCOR aims to become a leading provider of reinsurance and value added solutions for its clients.”
Chairman and CEO Denis Kessler commented: “I am very happy with our new status as a Local Reinsurer in Brazil, as it will enable us to participate fully in this very dynamic market, service a wider range of clients and cover more risks. SCOR is committed to the region over the long term, supporting insurers’ existing needs as well as providing underwriting expertise for new opportunities. In line with the “Optimal Dynamics” strategic plan, being a Local Reinsurer in Brazil allows SCOR to further expand its emerging markets franchise.”
Source: SCOR Group
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