The Channel Syndicate at Lloyd’s of London, which is part of global insurer and reinsurer SCOR’s Specialty Insurance platform, has agreed a reinsurance to close (RITC) deal for its 2017 and prior years of account, subject to regulatory approval.
In 2018, SCOR announced plans to consolidate its specialty insurance operations in the London Market into a single business platform, led by Stuart McMurdo.
Brokered by Guy Carpenter, the reinsurance arm of global broker Marsh, the transaction enables SCOR to deploy its capital efficiently into value-creating segments of existing and new specialty lines.
Commenting on the reinsurance to close transaction and also the re/insurer’s Specialty Insurance platform, McMurdo said: “The creation of SCOR’s Specialty Insurance platform last year brought together key insurance business platforms, creating synergies and focusing on a client-centric approach with flexible matching of risk and capital.
“Our Specialty Underwriters are able to provide a targeted product range, backed by flexible reinsurance and insurance licenses. As part of this evolution, SCOR Specialty Insurance identified key areas of development, including cyber, political & credit risk, environmental impairment liability, fine art and profitable areas of growth in Property.
“SCOR Specialty Insurance will be adding to its targeted specialty programmes, building on existing technology and analytics to assist our portfolios in achieving sustained profitable growth.”
