Global reinsurer SCOR will be ringing in the New Year with a freshly created wholly owned subsidiary.

French supervisory authority Autorité de Contrôle Prudentiel et de Résolution has granted the license for SCOR Europe SE, which will operate within the European Economic Area (EEA) starting January 01, 2019.

Based in Paris, the property & casualty specialty insurance company will underwrite all new and renewed business relating to EEA risks that can no longer be accepted by SCOR UK Company Ltd upon Britain’s departure from the European Union.

“SCOR Europe SE will also take over all commitments from policies previously issued by SCOR UK Company Ltd if the latter can no longer honour these following Brexit, the terms of which remain uncertain at this stage,” announced the parent firm.

The UK unit, meanwhile, will continue to serve its clients in the rest of the world.

“The creation of SCOR Europe SE enables us to provide continuity to our clients in light of Brexit,” commented Laurent Rousseau, deputy chief executive of SCOR global P&C.

“It will also help us to develop the infrastructure of our specialty insurance business, in line with the ‘Vision in Action’ plan. SCOR Europe SE will leverage SCOR’s underwriting track record and expertise.”