Alexandre Garcia is appointed Head of PR and Corporate Communications
SCOR announces the appointment of Alexandre Garcia as Head of PR and Corporate Communications, with immediate effect. Alexandre brings 10 years of experience to the role, with significant expertise in corporate communications, media relations and digital, acquired both in-house and as an external consultant. Reporting to Nathalie Mikaeloff, Group Head of Communications and Marketing, Alexandre will be based in Paris. His experience and expertise will be extremely valuable to continue to engage proactively with the media and to share the Group’s strategy and roadmap.
SCOR’s Q1 2022 results will be impacted by the conflict in Ukraine
Since the beginning of the war in Ukraine on 24th February 2022, SCOR has been closely monitoring the unfolding of events, and the resulting potential impact of the conflict and related international sanctions on its activity.
SCOR PO (the subsidiary owned by SCOR in Russia) is directly impacted and has stopped underwriting new business. More generally, this conflict has consequences on business lines such as Political Risks, Credit and Surety, and Aviation. SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and specialty insurance. As the conflict continues, this estimate will evolve.
In Q1 2022, the estimated cost of this conflict is combined with a series of natural catastrophes (including floods in Australia, European windstorms and a drought in Brazil) and the continuation of the pandemic in the United States. These developments will have an adverse impact on SCOR P&C’s combined ratio and on SCOR L&H’s technical margin and are expected to result in a quarterly loss.
The Q1 2022 results will be published on May 6th, 2022.
The Group remains very well capitalized with a solvency ratio which should stand as of March 31st, 2022 at a level significantly above the 226% position reported at the end of Q4 2021. This solvency position reflects the payment of a dividend of EUR 1.80 per share for the fiscal year 2021, which will be submitted to the approval of the shareholders at the 2022 Annual General Meeting to be held on May 18th, 2022, with a payment date on May 24th, 2022.
SCOR Syndicate appoints Marie Biggas as Active Underwriter
SCOR’s 100% backed SCOR Syndicate is pleased to announce the appointment of Marie Biggas as Active Underwriter and Chief Underwriting Officer of SCOR UK, subject to regulatory approval. She will report to both Stuart McMurdo, CEO of SCOR P&C EMEA and the SCOR Syndicate and to Olivier Perraut, Global CUO Single Risks.
Previously Marie was Vice President, Deputy Active Underwriter for Arch Syndicate 2012, and Head of Terrorism, Aviation, War and Space for Arch Insurance International. Prior to joining Arch in 2014, she held several underwriting positions at ACE Group, Chaucer Syndicates, and Amlin, and has 14 years of experience in the insurance industry.
Marie is a Chartered Insurer and Associate of the Chartered Insurance Institute. She holds a bachelor’s degree in Public Administration from Roskilde University and an MA in Political Communications from Goldsmiths University.
Stuart McMurdo commented: “We are entering a new chapter in the Syndicate’s journey. The intention is to build on two great consecutive results in 2020 and 2021 and continue delivering profitable growth in the years ahead, whilst at the same time broadening the SCOR Specialty Insurance profile and presence in the London Market and Europe. We are delighted to be able to bring someone of Marie’s stature and ability to execute the next stage of our plans. Her appointment further strengthens our existing executive team.”
SCOR Channel delivers on strategy with £14.1 million profit for 2021 and becomes the SCOR Syndicate
2021 provided pleasing results for SCOR Channel, which produced a £14.1m full-year profit for 2021
Further integration with SCOR’s Specialty Insurance platform continues to strengthen SCOR Channel’s business position
Increased focus on sustainable growth combined with a diversification of SCOR Channel’s portfolio
SCOR Channel, part of SCOR’s Specialty Insurance platform, announces the continued delivery on its strategic objective of returning to profit, having produced a profit of around £25 million over the past two years. For the full year 2021, SCOR Channel returned a profit of £14.1 million.
Effective April 1st, as part of the positive continuation of its integration with the SCOR Group, SCOR Channel will be renamed as the SCOR Syndicate.
Stuart McMurdo, CEO of SCOR P&C EMEA, commented: “Despite some market turbulence, 2021 proved to be another good year for SCOR Channel. Following the resetting of our strategy in Q4 2018 and the remediation work accomplished through 2019, we are delighted to see another strong set of results for our syndicate. These results further strengthen the business’ position within SCOR’s Specialty Insurance unit, promoting increased structural alignment. Going forward, our focus is on ensuring our portfolio continues to be sustainable through diversification away from the property segment, while maintaining our position therein.”
Romain Launay, Deputy CEO of SCOR P&C and CEO of Specialty Insurance, commented: “The renaming of SCOR Channel as the SCOR Syndicate reflects the depth of its integration into the wider SCOR Specialty Insurance unit. This integration allows SCOR to leverage a unified London platform and a single pool of top talent to write business in a flexible way, thereby offering the optimal solutions to our client needs.”
SCOR reports 2021 Annual Results
Gross written premiums of EUR 17,600 million in 2021, up 9.8%1 compared with 2020
Net income of EUR 456 million in 2021, up 94.9% compared with 2020
Return on equity of 7.2% in 2021, 680 bps above the risk-free rate2
Shareholders’ equity of EUR 6,402 million at the end of December 2021, implying a book value per share of EUR 35.26, up +6.8% from 2020 (EUR 33.01)
Estimated solvency ratio of 226%3 at the end of December 2021, above the optimal solvency range of 185% – 220% as defined in the “Quantum Leap” strategic plan
Attractive dividend policy pursued, with a dividend of EUR 1.80 per share proposed for 2021
Completion of the announced EUR 200 million share buy-back on track for the end of March 2022, with EUR 164 million4 completed to date
SCOR SE’s Board of Directors met on February 23, 2022, under the chairmanship of Denis Kessler, to approve the Group’s 2021 financial statements.
Key highlights
2021 was marked by the continuation of the Covid-19 pandemic, with the emergence of new variants and the prolongation of government policies introduced to prevent the virus from spreading. For the fifth year in a row, a high frequency of natural catastrophes was also observed. At the same time, the year was marked by the rise of inflation across both Europe and the United States, increasing the pressure on central banks to raise interest rates.
In this challenging context, SCOR continued to accomplish its mission, honoring all its commitments to its clients and demonstrating its shock-absorbing capacity. The Group is very well capitalized with a 226% solvency ratio, and profitability has significantly improved with a net income of EUR 456 million, resulting in a return on equity (ROE) of 7.2%. These solid results were achieved against a backdrop of heavy cat activity (EUR 838 million of claims net of retrocession and before tax) and the ongoing impact of Covid-19 (EUR 575 million net of retrocession and before tax for the Group for 2021 alone).
In 2022, several encouraging signs of improvement can however be observed:
The rapid deployment of Covid-19 vaccination programs around the world should enable Covid-19 related mortality to significantly decrease (even though the virus could remain endemic);
Although we are carefully monitoring the effects of climate change – which led SCOR to increase its cat budget from 7% to 8% of its P&C premiums –the frequency of natural catastrophe claims in the last few years remains historically exceptional;
After years of very low interest rates, their likely increase will have a positive effect on the Group’s return on invested assets.
This perspective of a more favorable environment should enable SCOR to successfully pursue the implementation of its strategic plan “Quantum Leap”, launched in September 2019 and extended until December 31, 2022, and to look ahead with new ambitions, which will be unveiled in the course of the year. The Group will thus continue to build on its global platform and expertise to seize market opportunities, leveraging its strong Tier 1 credentials based upon the consistent execution of a clear and proven strategy, a recognized market leading position with a high-quality franchise, a very strong financial profile, and recognized technical expertise.
Gross written premiums of EUR 17,600 million in 2021 are up 9.8% at constant exchange rates compared with 2020 (up 7.5% at current exchange rates)
SCOR P&C (Property and Casualty) gross written premiums are up 17.6% at constant exchange rates compared with 2020 (up 14.9% at current exchange rates), following strong 2021 renewals in Reinsurance and Specialty Insurance. The net combined ratio stands at 100.6%, including 12.8% of natural catastrophes, well above the cat budget
SCOR L&H (Life and Health) gross written premiums are up 3.6% at constant exchange rates compared with 2020 (up 1.8% at current exchange rates). Over the period, SCOR L&H delivers a technical margin of 10.3%, driven by the Life in-force transaction executed in H1 2021
SCOR Investments delivers a return on invested assets of 2.3%5 6 in 2021
The Group cost ratio, which stands at 4.4% of gross written premiums in 2021, is more favorable than the “Quantum Leap” assumption of ~5.0%
The Group net income stands at EUR 456 million in 2021. The return on equity (ROE) stands at 7.2%, 680 bps above the risk-free rate7
The Group generates high operating cash flows of EUR 2,406 million in 2021, of which EUR 860 million relate to the Life in-force transaction. The Group’s total liquidity is very strong, standing at EUR 2.3 billion as of December 31, 2021
The Group shareholders’ equity stands at EUR 6,402 million as of December 31, 2021. This results in a book value per share of EUR 35.26, compared to EUR 33.01 as of December 31, 2020
The Group financial leverage stands at 27.8% as of December 31, 2021, down 0.7% points compared to December 31, 2020
The Group solvency ratio is estimated at 226%8 on December 31, 2021, above the optimal solvency range of 185% – 220% as defined in the “Quantum Leap” strategic plan
Well-defined and attractive dividend policy pursued, with a dividend of EUR 1.80 per share proposed for 2021
SCOR’s dividend policy is unchanged: SCOR continues to favor dividends as a way to remunerate its shareholders and pursues the attractive dividend policy that it has implemented over the past years.
With its strong capital position, SCOR is proposing a dividend of EUR 1.80 per share for the fiscal year 2021. This dividend will be submitted to the approval of the shareholders at the 2022 Annual General Meeting, to be held on May 18, 2022. The board recommends to set the coupon date at May 20, 2022 and the payment date at May 24, 2022.
This comes on top of the EUR 200 million share buyback announced in October – decided on the basis of the Group’s high solvency ratio – of which EUR 164 million is already completed9 and which will be fully executed by the end of March 2022. The buyback and the proposed dividend imply a combined capital return to shareholders of EUR 523 million.
At the end of 2021, the solvency ratio stands at 226%, above the upper end of the optimal solvency range. Prior to capital return initiatives (dividend and buyback), the solvency ratio stands at 237%. The main drivers for the change in solvency at the end of 2021 compared to the end of 2020 include: i) Life in-force retrocession transaction (+27% pts), ii) operating capital generation excluding Covid-19 (+8% pts), capital deployment (-8% pts), Covid-19 impact (-17% pts), market variances (+18% pts) and other movements (-11% pts).
Denis Kessler, Chairman of SCOR, comments: “By executing the “Quantum Leap” strategic plan, SCOR has successfully demonstrated its shock-absorbing capacity throughout the Covid-19 crisis. The Life in-force retrocession transaction concluded at the end of H1 2021 also allowed the Group to demonstrate the value of its Life reinsurance portfolio, providing strong optionality to optimally allocate its capital. Although 2021 was quite a challenging year, SCOR delivered a strong profitability and its solvency position is now more robust than it was a year ago, even after taking into account the EUR 200 million share buyback to be fully executed by the end of March 2022, and the strong dividend of EUR 1.80 per share that will be proposed at the Annual General Meeting for 2021. This bears witness to the Group’s very strong financials and its ability to create value, even in a challenging environment.”
Laurent Rousseau, Chief Executive Officer of SCOR, comments: “In a year marked by a high level of natural catastrophes and Covid-19, SCOR has demonstrated its ability to create value for clients, communities, and shareholders. Our objectives are clear: reducing volatility, increasing profitability, growing the franchise, optimally allocating capital and embarking on the transformation of the Group. These strong results are testimony to the hard work of our teams whom I would like to thank. We are now actively preparing the next phase of our strategy and will provide an update on our situation and outlook to shareholders on March 29th, 2022. This should further highlight SCOR’s efforts to support sustainable and profitable growth while reinforcing its franchise and capital position.”
1. At constant exchange rates2. Based on a 5-year rolling average of 5-year risk-free rates (42 bps in the last quarter of 2021)3. Solvency ratio estimated after EUR 200 million share buy-back launched in October 2021 and after the proposed dividend of EUR 1.80 per share for the fiscal year 20214. As of February 18th, 2022 5. Return on invested assets excludes the EUR 89 million capital gain realized in Q3 2021 on the Doma transaction, which is a venture investment not held for investment purposes6. As of December 31, 2021, fair value through income on invested assets excludes EUR 41 million related to the option on own shares granted to SCOR7. Based on a 5-year rolling average of 5-year risk-free rates (42 bps in the last quarter of 2021)8. Solvency ratio estimated after EUR 200 million share buy-back launched in October 2021 and after the proposed dividend of EUR 1.80 per share for the fiscal year 2021 9. As of February 18th, 2022
SCOR completes a £5.5 billion longevity transaction with Lloyds Banking Group Pensions Trustees
With this landmark transaction, SCOR continues to successfully deliver on its longevity growth strategy as it enters its second decade in supporting the market to provide security and protection to pensioners. SCOR sees continued strong demand for longevity protection. This strong growth trajectory further underscores SCOR’s broader strategy to expand and diversify its Life & Health franchise.
SCOR announced the completion of a £5.5 billion longevity reinsurance transaction covering liabilities of over 17,000 members of the Lloyds Bank No. 1 Pension Scheme. The transaction protects the trustee of the scheme by transferring the risk that members live longer than expected. SCOR was advised by global law firm CMS and WTW was the adviser to the Trustee for the transaction.
The deal is structured as an insurance policy where Scottish Widows Limited, a subsidiary of Lloyds Banking Group, acts as an intermediary insurer while SCOR provides 100% reinsurance coverage. In return for a series of fixed premiums, SCOR agrees to meet claims based on the pensions actually paid to members of the scheme. Both SCOR and Scottish Widows were selected as providers after a full and robust selection process carried out by the Trustee.
Laurent Rousseau, SCOR, Chief Executive Officer, said: “This is our largest longevity transaction to date. It reaffirms SCOR’s commitment to supporting pension scheme de-risking in the UK and globally. Recent world events such as the pandemic have underscored the uncertainty associated with life expectancy and the strategic necessity to provide adequate reinsurance solutions. We are pleased to provide protection and certainty to the Lloyds Bank pension members and broaden our Life & Health franchise.”
Matt Collins, SCOR, Head of Longevity Business Development, commented: “It was a great pleasure working with the Trustee and its advisors at WTW on such a milestone transaction for SCOR. The investment put in by the Trustee and WTW on previous transactions significantly helped make this a smooth and efficient process. I would like to thank all the parties who worked together with us for the successful completion of this significant transaction.”
Matt Wiberg, WTW, Advisor to the Trustee, observed: “It’s been a great pleasure to work with the Trustee again and I am delighted to have advised on their second material longevity transaction. The Trustee has now hedged over £15 billion of the Schemes’ longevity risk providing greater certainty in relation to their long-term journeys. The infrastructure established by the first transaction in 2020 was crucial in running an efficient process that enabled the Trustee to benefit from a market opportunity to further reduce longevity risk in a cost-effective manner.”
Scor: January 2022 P&C Renewal Results
Full delivery on the P&C growth and profitability ambitions set at September’s Investor Day. SCOR allocates its capital to the lines benefitting from the best risk return profile: expansion of the Global Lines treaty portfolio, acceleration of the Specialty Insurance development, while reducing the climate-sensitive volatility.
Strong growth in both P&C businesses:
Treaty reinsurance grows by 19.0%, with a +9.8% underlying premium growth excluding one large European structured transaction. Growth is largely driven by Global Lines. Premium growth benefits from a +4.9% price effect
Attractive market conditions in Specialty Insurance large commercial single risk insurance. The strong +18.6% premium growth benefits from a +12.6% price effect.
Continued actions to reduce volatility:
Cost of retrocession efficiently managed: same amount of limits purchased whilst cost increases contained, and accessing a broader pool of retrocessionaires through successful 3rd Party Capital strategy
Reduction of CAT exposures at January 1st by -7% on treaty reinsurance, and by -11% on the P&C in-force portfolio for the full year 2022.
The overall impact on the priced net combined ratio is positive for SCOR: Overall actions taken result in a year-on-year estimated improvement of the priced net combined ratio of c. 0.5 percentage point on a risk-adjusted basis.
SCOR will hold an Investor Day on March 29th, 2022, during which its new strategic ambitions will be presented.
January 2022 P&C Reinsurance Treaty Renewals
SCOR begins 2022 with strong renewal results in P&C reinsurance, navigating a complex and prolonged renewal season. The results of these renewals fully deliver on the strategy outlined at the September 2021 Investor Day. SCOR deploys its capital rigorously, reducing climate-sensitive exposures as net margins are currently insufficient to reflect the exceptionally volatile environment, and actively steers its book towards Treaty Global Lines (e.g., Marine, Engineering, Credit & Surety).
The January 1, 2022 renewals evidence the continuing hardening of the P&C treaty reinsurance market, following years of large natural catastrophe losses, attritional inflation and low interest rates. The generalized risk aversion trend is accompanied by a robust demand for reinsurance. In this context, SCOR fully leverages its deep client relationships and broad franchise to actively steer its portfolio towards lines of business and regions displaying the most attractive risk / return conditions.
SCOR achieves +19.0% reinsurance premium growth at constant exchange rates1, including one large structured transaction in Europe on a non-catastrophe-exposed, and a well-balanced portfolio. Excluding this large transaction, the underlying growth stands at +9.8%, corresponding to a premium increase of EUR 3712 million to EUR 4,149 million. All P&C reinsurance figures presented hereafter refer to underlying growth trends unless otherwise specified.
Growth driven by Global Lines (+20.7%), which records high expected profitability. In the more traditional Property & Casualty lines, SCOR actively manages its portfolio resulting in modest premium growth.
In terms of geography, SCOR grows strongly in Europe (+15.0%), leveraging further its leadership in the region, and in Fast Growth Markets (+14.7%).
Ventures clients continue to be a key and profitable source of development. Accompanying SCOR’s clients of the future through Ventures is a key strategic ambition for SCOR under “Quantum Leap”. At the January 2022 renewals, Ventures clients are becoming an increasingly important source of profitable business, growing by 78% – notably in Europe – and across a wide range of lines of business. The return on capital achieved on this business exceeds the portfolio’s average.
Portfolio repositioning on a few large Cat-exposed accounts whilst modest growth on U.S. Casualty leads to overall premium reduction in North America (-11.3% in the US) and APAC Mature, where the adequate remuneration of capital was not achieved.
Reinsurance treaties renewal book at January 1, 20221
Gross Premiums renewed (in EUR millions)2Evolution vs. January 2021Notable drivers
Treaty P&C Lines3
2,712
+4.8%
Europe (including Casualty), Motor (Ventures)
Treaty Global Lines4
1,437
+20.7%
Credit & Surety, Marine & Energy
TOTAL
4,149
+9.8%
1. Approximately 64% of SCOR’s P&C reinsurance premiums – representing 46% of SCOR’s total P&C premiums – renew in January2. Excluding one large transaction in Europe, and SCOR’s 3rd party capital provision business at Lloyd’s (“SUL”)3. Treaty P&C Lines include: Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession)4. Treaty Global Lines include: Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, Cyber and Alternative Solutions
SCOR records an overall average price increase of +4.9% in P&C reinsurance, building further on prior years’ renewals, as conditions for the P&C treaty market continue to harden. These changes translate into an estimated improvement of the priced net combined ratio of c. 0.5 points, taking into account SCOR’s Cat retrocession renewed program, the various underwriting actions, the repositioning of the portfolio and SCOR’s updated view of risk (including economic and claims inflation). The improvement in the priced net combined ratio of the book will translate into net income progressively, in the quarters to come.
Update on Specialty Insurance
SCOR continues to view Specialty Insurance as the most attractive segment of the P&C (re)insurance market currently, growing its book to 26% of P&C portfolio in 2021:
In large commercial single risk insurance, SCOR records a gross premium growth of +18.6%, all regions contributing, and rate increases of +12.6% over the course of 2021. The portfolio rate adequacy further improves, driven by both long- and short-tail lines. It benefits from a sustained rate-on-rate compounding effect on large industrial and commercial single risks that began in 2017.
In portfolio underwriting (MGAs), SCOR exits from U.S. Primary Wind-exposed MGAs, contributing to the overall reduction of U.S. Cat exposures for the P&C book.
Outlook for 2022
Looking forward to the April and June / July 2022 renewals, SCOR expects the current positive market trends to continue. The Group is well positioned to take full advantage of these trends in both its Specialty Insurance and Reinsurance businesses, leveraging on its global underwriting platform.
SCOR confirms the 2022 assumptions presented at the September 2021 Investor Day, including gross written premium growth of +15-18%, and a net combined ratio trending downwards towards 95% and below.
SCOR will hold an Investor Day on March 29th, 2022, during which new strategic ambitions will be presented.
Jean-Paul Conoscente, CEO for P&C at SCOR, comments:
“In line with the forward-looking view shared during its September 2021 Investor Day, the market hardening continues into 2022. We are successfully implementing our strategy to reposition our portfolio towards value-accretive growth opportunities. The result allows us to expand our franchise, while taking a series of actions to reduce our exposure to climate-sensitive Cat business where rising prices did not lead to sufficient margins given the expected volatility. We expect continuing positive market trends as we head into Q2 2022, anticipating a sustained hardening in the upcoming renewals where we remain well positioned.”
1. Exchange rates at December 31st, 20212. Excluding one large transaction in Europe, and SCOR’s 3rd party capital provision business at Lloyd’s (“SUL”)
SCOR and Swedish pension fund Alecta enter a strategic partnership through the Atlas Gotland sidecar
SCOR announces that it has secured a USD 200 Million investment by the Swedish pension fund Alecta into the Atlas Gotland Worldwide Catastrophe Sidecar, a segregated account of the newly created special purpose reinsurer, Atlas Re Limited in Bermuda. With this investment, Alecta will benefit from the performance of SCOR Global P&C’s diversified portfolio of property catastrophe reinsurance through a multi-year agreement.
Jean-Paul Conoscente, CEO of SCOR Global P&C, commented on the transaction: “We are very pleased to strengthen our relationship with Alecta through this long-term partnership and to further expand SCOR’s strategy of giving access to its underwriting franchise and diversified portfolio to institutional investors through third-party capital transactions. This is another important milestone in the development of SCOR’s third-party capital strategy, with an important partnership with a leading pension fund.”
Tony Persson, Head of Fixed Income and Strategy at Alecta, commented: “Our focus is on generating solid long-term returns for our customers being 2.6 million people and 35,000 businesses across Sweden. We manage our assets in a cost efficient and sustainable manner, working with few select external partners where we see relevant investment opportunities. We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns benefiting our overall portfolio and are pleased to partner with SCOR given their expertise in this domain. We look forward to a long-lasting collaboration.”
Appointments at SCOR
SCOR reinforces its Chief Sustainability Officer’s Teams by announcing the following appointments:
Michèle Lacroix, as Group Head of Sustainability – she will oversee an extended team of experts dedicated to Sustainability, including sustainable business, corporate sustainability, reporting and ESG data. They will focus on how to support SCOR in its sustainable development which is a key success factor for its upcoming strategic plan.In this new team, Paul Nunn, currently Head of ESG within the P&C Business Unit, is promoted to Head of Sustainable Insurance and Yun Wai Song, currently Head of Market Risk & Sustainability, is promoted to Head of Sustainable Investment. Paul and Yun will use their deep expertise to reconcile business constraints with ambitious sustainability objectives. Andreas Frank, currently CEO of SCOR Switzerland and CFO of Switzerland and Germany, is promoted to Head of Corporate Sustainability. His strong knowledge in operations and finance will support SCOR’s sustainable journey.
Nathalie Mikaeloff, as Group Head of Communications & Marketing – she will be in charge of internal and external Communications as well as Global Marketing. By combining Communications and Marketing forces, new synergies will emerge through the management of the entire value chain: from strategic positioning to brand & content management, leveraging a multiformat and multichannel approach.Within this new extended team, the current Group Communications team will work alongside Natasha Ashe-Suber, currently AVP Client Marketing and Communities for the U.S. Life & Health unit, who is promoted to Head of Marketing for Life & Health, and Alixane Dauger, currently Deputy Head of Marketing P&C, who is promoted to Head of Marketing Property & Casualty.
Claire Le Gall-Robinson, Group Chief Sustainability Officer, commented: “These new positions are key to drive our sustainability journey and to support our upcoming strategic plan. I am particularly proud that these new positions are being filled through internal promotions, demonstrating continuity and highlighting the Group’s deep talent bench.”
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Biographies:
Michèle joined SCOR in 2008 as Chief Investment Officer at SCOR Global Investments and has since held various roles within the Investments business unit. She became Head of Group Investment Office in 2014 and became Head of Group Investment Risk & Sustainability in 2019. She is a recognized expert in sustainability, having been appointed a Member of the European Lab PTF on Climate-related Reporting in 2019, a Member of the Technical Expert Group on Sustainable Finance at the European Commission in 2018, and having been a Member of the Climate and Sustainable Commission at the French Financial Markets Authority since 2019. Michèle is a graduate of HEC Business School and is based in France.
Paul joined SCOR in 2011 as Global Head of Catastrophe Risk Modelling, following senior roles at Lloyd’s and in the London insurance market. Since 2019 he has been leading the development of ESG activities at P&C and is actively supporting SCOR’s participation in the Net Zero Insurance Alliance and other industry initiatives.
Yun joined SCOR Global Investments in 2009 as Head of Market Risk, following various roles in the asset management industry. Since 2016 he has participated in the development of sustainable finance at SCOR Global Investments and is actively supporting SCOR’s journey in sustainable investing.
Andreas joined SCOR in 2007 with the acquisition of Converium and was Director of SCOR’s Group Financial Planning & Analysis before being named CFO for SCOR in Switzerland in 2011. Since 2018 he has been CEO of SCOR in Switzerland. He is an active member of SCOR’s sustainability committee and has driven various sustainability initiatives in Switzerland.
Nathalie joined SCOR in 2014 as Global Head of Marketing for P&C, leading the client management initiative and developing a client engagement approach and tools, including CRM-Salesforce. More recently she was in charge of ESG business development, with a view to supporting the development of P&C business with social and/or environmental impacts. She has more than 20 years’ experience in and passion for Marketing and Communications in international B2B services companies.
Natasha joined SCOR in 2020 to lead client marketing & communities for SGL U.S. The team manages multichannel internal and external initiatives including publication/content development, sponsorships, advertising, events, media relations, and employee, community and client engagement; and promotes thought leadership strategies to increase awareness of SCOR’s expertise in the areas of health and wellness, research/innovation and client solutions. Natasha brings 20 years of marketing and communications experience leading high-achieving teams and award-winning campaigns.
Alixane joined SCOR in 2015 to support the transformation of the P&C marketing strategy and operations, from the roll-out and management of the CRM tool to the digitalization of global marketing tools and processes, including event management, content marketing, and operational support to global P&C business and underwriting teams. Alixane relies on her 18 years of experience in international B2B marketing and a solid team to adapt and develop new marketing approaches to engage with our P&C clients and partners.
SCOR supports a zero-emission future for the shipping industry
SCOR has become a founding signatory of the Poseidon Principles for Marine Insurance, a new framework that aligns insurers’ underwriting portfolios with the goal of decarbonizing international shipping by 2050.
“Participating in the launch of the PPMI and supporting the initiative is a firm step forward for SCOR in accompanying our international shipping clients towards a zero-emission future for the industry. As a founding member of the Net-Zero Insurance Alliance, we strongly believe that (re)insurers have an important role to play in addressing climate change, and that collective action is the only way forward,” says Jean-Paul Conoscente, CEO of SCOR Global P&C.
As a founding signatory, the Group commits in particular to assessing and disclosing the climate alignment of its hull and machinery portfolios, and to benchmarking them against two trajectories linked to a 50% reduction of annual GHG emissions by 2050 compared to 2008, and a 100% reduction of emissions by 2050.
Marine is the first line of business to establish a sector-specific methodology to meet the ambition of the Net-Zero Insurance Alliance (NZIA), where members are committed to transitioning their underwriting portfolios to net-zero GHG emissions by 2050.
This announcement follows SCOR’s move in July 2021 to join the NZIA, committing to transitioning all operational and attributable GHG emissions from its insurance and reinsurance underwriting portfolios to net-zero emissions by 2050, and to supporting the implementation of corporate disclosure and global policy frameworks relevant to the net-zero transition and the insurance industry.
These actions underscore the Group’s commitment to accelerating the race to net-zero, and further its long-term mission of protecting people and societies around the world.