French insurer and reinsurer SCOR’s international life and health reinsurance subsidiary, SCOR Global Life, has entered the U.S. medical reinsurance market with an experienced team based in Minneapolis, U.S.
Paolo De Martin, Chief Executive Officer (CEO) of SCOR Global Life, said; “We are a market leader in US life reinsurance and an established player in the group life market here. The adjacent medical market offers a substantial opportunity to expand our U.S. footprint.”
SCOR Global Life’s initial product lines include reinsurance protection for HMOs and insurers, and once relevant regulation is obtained the company will offer provider excess and employer stop loss insurance.
“This is a large market with significant demand for risk management solutions and expertise. We made a comprehensive study of the market and we believe we can effectively and successfully support the needs of existing and emerging market participants,” continued De Martin.
The re/insurer’s medical reinsurance operation is located in Minneapolis, U.S., and is supported by the group’s actuarial expertise, underwriting and medical director resources in Leawood, Kansas and Charlotte, North Carolina, explains SCOR.
J.C. Brueckner, CEO of SCOR Global Life in the Americas, revealed that Kelly Munger was the firm’s first executive hire for the new, and experienced team.
“She leads our Group Reinsurance business unit and has done a superb job assembling a team of experienced professionals who understand the changes occurring in the market and who will work with brokers to develop customized solutions for their clients,” explains Brueckner.
Commenting on SCOR’s entry into the U.S. medical reinsurance market, Munger said; “SCOR may be a new player but everyone on the team has worked in the health care industry for many years and their expertise allows them to navigate the changes that are occurring. We have a strong sense of purpose and are intently focused on high performance and client satisfaction.
“We’re a well-known team. The market knows what to expect from us.”
Wholly owned SCOR affiliate, General Security National Insurance Company (GSNIC), is the underwriter of SCOR’s medical reinsurance business in the U.S.
