SCOR moves into number 10
“Our offices at La Defense [Paris] are not as fancy as here,” joked Denis Kessler, chief executive of SCOR, at a lunch celebrating the opening of the company’s offices at 10 Lime Street, London, on 10 November. He added: “I shall have to avoid bringing my shareholders here.”
SCOR is in the process of moving its 130 London staff, spanning life, specialty, and treaty reinsurance teams, out of their three current locations and into the brand-spanking new building, which is a stone’s throw from Lloyd’s. “I am happy Lloyd’s decided to be next door,” Kessler quipped.
Less box-ticking from Bolt?
Anyone anticipating a drastic change when Tom Bolt takes over from outgoing Lloyd’s oracle Rolf Tolle might be disappointed.
The chatter surrounding Bolt’s appointment as new franchise performance director seems to have shifted towards a perception that he will pursue the same tough regulatory conditions.
One commentator tells us: “Bolt and Tolle are clearly quite different, but I would see Bolt’s role as finessing the process.”
Initially, Bolt’s Berkshire Hathaway pedigree led to speculation that underwriters would receive more freedom and do less box-ticking. “Bolt will be a steady hand on the tiller, but I wouldn’t wish to undermine what Tolle has done,” said another observer, with the obligatory deference to the former franchise director.
“He was the right person to knock some sense into the way things are done and set a framework for future growth … After all, underwriters sometimes need to be saved from themselves.”
Beware the humble email
With electronic messaging central to (re)insurance market development, a simple email could now be a pivotal part of any contract or policy amendment.
All the more reason, then, to be sure that a message has been received: an email that fails to arrive could spark an expensive dispute.
“Those in insurance and reinsurance who understand this risk are holding their breath, knowing it is only a matter of time before there is
an email-related dispute or misunderstanding,” said RPost’s chief executive, Zafar Khan, who is due to speak at an event hosted by the International Underwriters Association in London, in December.
Khan will outline key myths about emails and describe how the industry can be more secure about its messaging. The perils of Rickrolling are not said to be a topic for discussion.