Reinsurance News

SCOR receives R3 approval from the IRDAI to establish regional branch

28th December 2016 - Author: Luke Gallin

Insurer and reinsurer SCOR has received R3 approval from the Insurance Regulatory and Development Authority of India (IRDAI) to establish a Composite Branch office in the region, the company has announced. 

SCOR is the latest global re/insurer to receive R3 authorisation, after the IRDAI granted approval to five other reinsurance companies earlier this month. The recent approval will enable SCOR to establish a Group branch in India to conduct Life and P&C reinsurance business.

Denis Kessler, Chairman & Chief Executive Officer (CEO) of SCOR, said; “Receiving the R3 authorization from the IRDAI to establish a SCOR branch in India marks a milestone for the Group in terms of solidifying its presence in the country, where it has enjoyed strong business relationships for many years. Our local team will be ready to provide business solutions to our Indian clients as of the 1 April 2017 renewals.”

The firm has been writing business with Indian clients since 1973, and opened a liaison office in the region in 2005. The opening of a Group branch in the country underlines the firm’s commitment to the Indian marketplace, which is expected to attract more insurers and reinsurers to its shores in 2017 and beyond.


Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Reinsurance News – Wednesday 28th December 2016

Here’s your daily Reinsurance News for Wednesday 28th December 2016: Swiss Re hires Gopal from Allied World as Corp Solutions...