View this article online: https://www.insurancejournal.com/news/international/2019/04/01/522408.htm
SCOR Global Life SE and SCOR Global P&C SE merged into SCOR SE on March 31, 2019.
This reorganization, which was announced by SCOR in September 2016 as part of its three-year strategic plan “Vision in Action,” enables SCOR to optimize its operational and legal structure and level of regulatory capital, thereby creating additional value for its shareholders, customers and partners, said the company in a statement.
The group has obtained all the required regulatory authorizations for the group’s branches and foreign subsidiaries.
As of April 1, 2019, all assets, rights, obligations and liabilities of SCOR Global Life SE and SCOR Global P&C SE have been transferred to SCOR SE. This transfer has no impact on current contractual obligations and SCOR SE is automatically substituted for SCOR Global Life SE and SCOR Global P&C SE, without modifying any of the terms and conditions of the transferred contracts, said SCOR.
SCOR’s financial rating and its ability to pursue its Life and P&C reinsurance activities remain unchanged.
The solvency capital benefit of this merger on the Eligible Own Funds is approximately €200 million ($224.3 million).
An SE, or Societas Europaea company, is a public company that follows the registered in accordance with the law of the European Union,
A “Societas Europaea” company, or an SE company, is a type of public limited liability company regulated under EU laws.
Source: SCOR