SCOR SE

SCOR SE is a tier 1 reinsurance company providing Property and Casualty (P&C) and Life reinsurance solutions to its clients. It is one of the leading reinsurers in the world. Created in 1970 with the backing of the French government, its original name was Société Commerciale de Réassurance, hence "SCOR". The SE acronym indicates that the company is a Societas Europaea (European company). In 2007, it became the first French listed company to use the SE acronym in its name.

SCOR SE
TypeSocietas Europaea
Euronext: SCR
CAC Next 20 Component
IndustryFinancial services
Founded1970
HeadquartersParis, France
Area served
Worldwide
Key people
Denis Kessler (Chairman and CEO)
ServicesReinsurance, asset management
Revenue€16.3 billion (2019)[1]
€713 million (2019)[1]
€422 million (2019)[1]
Total assets€46.8 billion (2019)[1]
Total equity€6.37 billion (2019)[1]
Number of employees
3,028 (2019)
Websitewww.scor.com

History

SCOR SE was founded in 1970 in Paris, France. SCOR today is the world's fourth largest reinsurer and has a presence in 160 countries worldwide[2] with more than 3,000 employees.[3]

In 1996, SCOR acquired the reinsurance business of Allstate.[4]

In 2002, Denis Kessler was named the chairman and CEO after a near collapse of the company.[5] Kessler was brought on board in order to restore the reinsurer's financial performance.[6] Kessler made a number of acquisitions throughout his tenure. These include ReMark,[7] Revios,[8] Converium,[9] Transamerica Re,[10] and Generali US.[11]

The firm's shares are listed on NYSE Euronext Paris and form part of the CAC Next 20 index. In 2007, SCOR de-listed itself from the New York Stock Exchange.[12]

In May 2019, SCOR purchased Coriolis Capital,[13] an insurance-linked securities fund manager. The purchase was finalized in September 2019, increasing the company's ILS portfolio to over $2 billion.[14]

SCOR Foundation for Science

In 2011, SCOR founded the SCOR Corporate Foundation for Science to support scientific research and risk-related knowledge.[15]

Main operating lines

The main companies of SCOR SE (officially typeset as SCOR) include SCOR Global P&C, which provides property and casualty reinsurance, SCOR Global Life, which provides life reinsurance, and SCOR Global Investments, an asset management company.[16][12][17][18]

Business units

SCOR consists of several business units:[19]

  • Reinsurance: include Property & Casualty and Life & Health units
  • Speciality Insurance: include SCOR Business Solutions and Channel Syndicate units
  • Asset Management: includes SCOR Global Investments unit, which had total investments of nearly €30 billion in 2019 with total invested assets of €20.6 billion[20]

References
  1. "Universal Registration Document 2019". Scor. Retrieved 17 April 2020.
  2. "A global reinsurer increases user engagement to bolster risk mitigation". IBM. Retrieved 24 April 2020.
  3. "Top 50 Global Reinsurance Groups". Reinsurance News. Retrieved 24 April 2020.
  4. "French Insurer SCOR Acquires Allstate's Reinsurance Business". WSJ. Retrieved 29 April 2020.
  5. "Scor CEO sets three-year growth targets to reassure shareholders". Reuters. Retrieved 24 April 2020.
  6. "Saving SCOR". The Economist. Retrieved 24 April 2020.
  7. "Reinsurer Scor says it holds 98.7 pct of ReMark". Reuters. Retrieved 24 April 2020.
  8. "Scor Reaches $775 Million Deal To Buy German Reinsurer Revios". WSJ. Retrieved 24 April 2020.
  9. "SCOR and Converium Reach Friendly Merger Agreement". Insurance Journal. Retrieved 24 April 2020.
  10. "SCOR to Buy Aegon's Transamerica Reinsurance Unit for $913 Million". Insurance Journal. Retrieved 24 April 2020.
  11. "Generali sells U.S. unit to Scor in $920 million deal". Reuters. Retrieved 24 April 2020.
  12. Jack W. Plunkett (November 2007). Plunkett's insurance industry almanac. Plunkett Research, Ltd. ISBN 9781593920975. Retrieved 1 June 2011.
  13. "SCOR agrees to buy Coriolis Capital". Pensions and Investments. Retrieved 24 April 2020.
  14. "SCOR finalises Coriolis Capital move". Insurance Business Magazine. Retrieved 24 April 2020.
  15. "Tuberculosis and impaired IL-23–dependent IFN-γ immunity in humans homozygous for a common TYK2 missense variant". Science Immunology. Retrieved 29 April 2020.
  16. "A triple-engine Group". Scor.com. Retrieved 1 June 2011.
  17. Dirk Van Gerven, Paul M. Storm (2008). The European Company. Cambridge University Press. ISBN 9781107320949. Retrieved 1 June 2011.
  18. "Scor SE (SCR.S) Company Profile". Reuters. Retrieved 1 June 2011.
  19. "Our Solutions". Scor.
  20. "Actrivity & CSR Report 2018". Retrieved 24 April 2020.
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