SCOR reaches a new milestone in its application to open a Composite Branch Office in India
(Thomson Reuters ONE) -
Press Release
8 November 2016 - N° 29
SCOR reaches a new milestone in its application to open a Composite Branch
Office in India
The Insurance Regulatory and Development Authority of India (IRDAI) has granted
SCOR R2 authorization, allowing the Group to open a Composite Branch office in
India to conduct Life and P&C reinsurance business.
The Group will establish the branch office as soon as it receives R3
authorization, and the Indian branch is expected to start underwriting business
with effect from the 1 April 2017 renewals.
SCOR has been writing business with Indian clients since 1973, having
established a liaison office[1] in India in 2005. The establishment of a SCOR
branch in India in 2016 demonstrates the Group's commitment to the Indian market
and to the continued provision of services to its clients in the country.
SCOR's P&C division has developed strong business relationships in India,
providing treaty and facultative solutions to its clients there. Moreover, it is
actively working with its clients to develop specialty covers, notably on the
Agriculture and Credit portfolios.
SCOR has a longstanding presence in the Indian Life reinsurance market. Building
on its strong local Critical Illness and Life expertise, the Group is expanding
its footprint as part of the "Vision in Action" strategic plan.
With the new Indian branch office, SCOR is committed to enhancing its local
resources in order to provide its Indian clients with tailor-made reinsurance
solutions.
Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: "This
decision by the IRDAI is a milestone in the process of opening a composite
branch in India. SCOR looks forward to reinforcing its presence in the country.
Both business engines, P&C and Life, will complement each other in providing
Indian clients with comprehensive reinsurance solutions."
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Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 75 43
mbouchon(at)scor.com
Ian Kelly
Head of Investor Relations
+44 203 207 8561
ikelly(at)scor.com
http://www.scor.com/
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Twitter: (at)SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as corresponding
to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future events, trends, plans or objectives, based on
certain assumptions and include any statement which does not directly relate to
a historical fact or current fact. Forward-looking statements are typically
identified by words or phrases such as, without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase" and "may fluctuate" and similar expressions or by future or
conditional verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements, because, by
their nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ from
any results expressed or implied by the present communication, on the other
hand.
Please refer to the 2015 reference document filed on 4 March 2016 under number
D.16-0108 with the French Autorité des marchés financiers (AMF) posted on SCOR's
website www.scor.com (the "Document de Référence"), for a description of certain
important factors, risks and uncertainties that may affect the business of the
SCOR Group. As a result of the extreme and unprecedented volatility and
disruption of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including movements in
interest rates, credit spreads, equity prices, and currency movements, changes
in rating agency policies or practices, and the lowering or loss of financial
strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting".
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[1] The liaison office will be closed after the branch office has been
established.
SCOR Press Release:
http://hugin.info/143549/R/2055400/769688.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SCOR via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 08.11.2016 - 18:49 Uhr
Sprache: Deutsch
News-ID 505668
Anzahl Zeichen: 6300
contact information:
Town:
Paris
Kategorie:
Business News
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