Scor joins recent movers Transamerica, Swiss Re and XL in Brazil
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.
Becoming licensed in Brazil is part of SCOR’s strategic plans for the expansion of its underwriting in Latin America.
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.
Total yearly insurance premium volume in Brazil is approximately EUR20bn. 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.
Denis Kessler, chairman and CEO of SCOR, comments: “We are very pleased to have been admitted to the Brazilian reinsurance market. Through our extensive knowledge of the local market and our long-standing relationships with local insurers and corporations, we are confident that we will now be able to supply the Brazilian economy with even more comprehensive risk management services.
“Following on from the Chinese reinsurance licence awarded to the Group 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.
On the Life side, SCOR as the world’s fifth largest reinsurer will make use of its entire product range and its in-house, highly advanced research centres in mortality, longevity, long term care and disability, in order to provide the market with new products and reinsurance solutions and services including medical and financial selection and pricing.
By providing expertise in areas such as Bancassurance and critical illness, as well as innovation with regard to products and services, SCOR aims to be a part of the solid expansion of life reinsurance in Brazil.