French reinsurance company SCOR has launched a P&C insurance company in Paris to reduce the risks associated with Brexit for its customers. The new company, which will be called “Reinsurance”, is expected to have €50m of assets and employ around 100 people. The move could mean less influence for SCOR’s UK division within the whole company as more European business will be redirected to the new firm. As of January 1st 2019, the new Paris unit SCOR Europe SE will underwrite all new and renewed business relating to EEA risks that can no longer be underwritten by the SCOR UK Company Ltd. after Brexit has occurred. SCOR Europe will also take over policy commitments issued by the UK division, although the parent company said Brexit uncertainty made the details uncertain.
French reinsurance company SCOR has launched a P&C insurance company in Paris to reduce the risks associated with Brexit for its customers. The new company, which will be called “Reinsurance”, is expected to have €50m of assets and employ around 100 people. The move could mean less influence for SCOR’s UK division within the whole company as more European business will be redirected to the new firm. SCOR Europe will also take over policy commitments issued by the UK division, although the parent company said Brexit uncertainty made the details uncertain.