NU Online News Service, Nov. 10, 2:30 p.m. EST
SCOR said it is combining its U.K.-based property and casualty treaty reinsurance, P&C specialty lines and life reinsurance operations into one new office at10 Lime Street in London.
SCOR said its "Hub Organization" was put in place in 2008 to provide local expertise and talent to better serve clients. This organization relies on six hubs around the world: Paris, London, Zurich, Cologne, New York and Singapore.
The London hub, comprised of 130 staff members, is a cornerstone of the group and provides P&C and Life reinsurance expertise and capacity to the U.K. and the Irish and Scandinavian markets, SCOR said.
Denis Kessler, chairman and chief executive officer of SCOR, said in a statement, "This London single location completes our new hub organization. Moving to this prime location in the City of London demonstrates our commitment to this important insurance and reinsurance marketplace."
Malcolm Newman, CEO of the SCOR London Hub, added that the U.K. accounts for approximately 10 percent of SCOR's global business. "SCOR has a long track record in London and has been growing steadily for the last few years," he said.
He added that the London hub has leased "21,000 square feet on four floors of this new development--fitted to a very high environmental standard for sustainable buildings--to allow for future growth. By bringing all our entities together we will be able to get the most from the powerful twin-engines that drive our business, life and P&C, as well as allowing us to participate fully in the workings of the London market."
