SCOR is a reinsurance firm that provides a wide range of financial solutions, analytics tools, and services in all areas related to risk – including life, health, property, and casualty. Its operations are divided into three segments: life and health, property and casualty (P&C), and investments.
SCOR’s life and health business provides added-value risk coverage and personalised services. Its products include mortality and morbidity risk solutions cover, protection against longevity risks, support for new businesses generation, claims management, and other financial solutions.
The unit’s risk solutions help clients to mitigate claims volatility and support them with a wide range of products covering disability, critical illness, personal accident, medical, and long-term care. Its financial and longevity solutions help customers manage their solvency and cash needs such as liquidity, balance sheets, and income statements.
SCOR’s P&C business unit, meanwhile, provides proportional and non-proportional reinsurance across property and casualty treaties. Meanwhile, its investment unit comprises the Group Investment Office and SCOR Investment Partners, an asset management company.
The Group Investment Office manages the interaction between SCOR and its asset managers, while SCOR Investment Partners manages the group’s investment portfolio.
History of SCOR
SCOR was founded in 1970 to provide financial solutions, products and services in France. It completed numerous acquisitions in the 1980s until it ranked 12th in the global reinsurance sector in the 1990s. It was also listed on the Paris Stock Exchange in 1990.
SCOR has continued to expand its products and services in various markets worldwide. In 1996, it acquired the Allstate Group’s reinsurance portfolio, reaching the top 10 reinsurance providers in the US market. In the same year, the group established SCOR Reinsurance Asia-Pacific and continued its expansion into other regions.
In 2012, the group launched the SCOR Corporate Foundation for Science to support research focusing on macroeconomic risks and other risks in insurance and reinsurance sectors. In 2013, it acquired Generali US and the real estate firm MRM. It also entered into an extreme mortality risk transfer contract with Atlas IX and launched its new strategic plan, Optimal Dynamics.
In 2016, SCOR opened a composite branch office in India. In 2017, it opened a SCOR Global Life SE branch in Japan and a SCOR Global P&C SE representative office in Kenya. It also launched a new version of SOLEM, its online underwriting manual.
In 2018, SCOR acquired MutRé and sponsored a new catastrophe model, Atlas Capital UK 2018. Meanwhile, the SCOR Corporate Foundation for Science partnered with the Paris School of Economics to create a research chair on macroeconomic risk.
Leadership at SCOR
Denis Kessler – CEO and Chairman of the Board of Directors
Kessler has been SCOR’s chief executive officer and board chairman since 2002. He has served senior roles throughout his career – including chairman of Fédération Française de l’Assurance (FFA), senior executive vice president and member of the executive committee of the AXA Group, and executive vice president of Mouvement des Entreprises de France (MEDEF).
In January 2016, he joined the Academy of Moral and Political Sciences of the Institut de France.
Culture at SCOR
SCOR allocates considerable resources to the research and development of risk management. It works with students from renowned schools and universities to conduct research projects, and it develops corporate sponsorships and research partnerships with institutions worldwide to cover a range of fields linked to risk and reinsurance.
The group also organises campus training sessions for their clients and addresses contemporary cognitive risk with the help of Presses Universitaires de France (PUF) and Editions Belin.
The SCOR Corporate Foundation for Science has signed partnerships that include research chairs in risk, macroeconomic risk, and finance and insurance. It also supports research in significant areas of risk analysis and participates in the development of actuarial practice in Tunisia and the Conférence interafricaine des marchés d’assurance (CIMA).
SCOR also recognises outstanding actuarial research through the SCOR Actuarial Awards, which aims to encourage research and improve risk knowledge and management. Since 2015, the group has partnered with the French Institute of Actuaries to organise actuarial symposia in Paris.
SCOR is also committed to reducing its carbon footprint by securing the share of renewables, increasing energy efficiency within the business, and rolling out environmental management systems. It aims to reduce the carbon intensity of its offices by 30% per employee and offset 100% of its remaining emissions.