Global reinsurer SCOR has announced the successful cross-border conversion of its Irish subsidiary, SCOR Global Reinsurance Ireland dac (SGRI), into a French entity.
The company will now operate under the name SCOR Global Reinsurance France SA (SGRF), and will be supervised by the Autorité de contrôle prudentiel et de resolution (ACPR).
According to the announcement, the conversion is purely structural. All the existing assets and liabilities previously held by the Irish subsidiary remain with SGRF.
Clients and counterparties will experience no change in their current arrangement or services as a result of the move, the firm also noted.
The relocation of this entity reflects SCOR’s Forward 2026’s commitment to simplifying the Group’s structure and enhancing efficiency.
Forward 2026 is SCOR’s strategic plan for the 2024-2026 period. By moving its operations to Paris, the Group aims to simplify its corporate architecture and enhance operational efficiency.
SCOR’s Forward 2026 sets two “ambitious and equally weighted” targets. The first is a financial target of an economic value growth rate of 9% per annum, at constant interest and foreign exchange rates. The second is a solvency ratio target in the optimal 185% to 220% range, while also maintaining an AA-level of security for clients.
By consolidating its footprint, SCOR intends to drive value creation for shareholders, clients, and employees alike. The firm noted that while it is aggressively pursuing growth in its P&C and L&H portfolios, it remains committed to a “controlled risk appetite and disciplined underwriting.”
Fabrice Brégier, Chairman of SCOR, had previously commented: “This plan defines the best ways and means for the Group to consolidate its position as a global reinsurer, taking advantage of its global underwriting platform and technical know-how.”
