Global reinsurance company SCOR has announced the successful cross-border transformation of its Irish subsidiary SCOR Global Reinsurance Ireland dac (SGRI) into a French entity.
The company will now operate as SCOR Global Reinsurance France SA (SGRF) and will be regulated by the Authority for Prudential Regulation and Resolution (ACPR).
According to the announcement, the switch is purely structural. All existing assets and liabilities previously held by the Irish subsidiary continue to be held by SGRF.
The company also noted that the move will not result in changes to current arrangements or services for clients and counterparties.
The relocation of the entity reflects SCOR’s Forward 2026 commitment to simplifying the Group’s structure and improving efficiency.
Forward 2026 is SCOR’s strategic plan for the period 2024-2026. By moving operations to Paris, the group aims to simplify its corporate structure and increase operational efficiency.
SCOR’s Vision 2026 sets two “ambitious and equally important” goals. The first is a financial target of 9% annual growth in economic value at fixed interest rates and foreign exchange rates. The second objective is to target a solvency ratio within an optimal range of 185% to 220% while maintaining AA-level safety for customers.
By consolidating its footprint, SCOR aims to drive value creation for shareholders, customers and employees. The company noted that while it is aggressively pursuing growth in its property and casualty insurance portfolio, it remains committed to “controlled risk appetite and disciplined underwriting.”
SCOR Chairman Fabrice Brégier previously commented: “This plan provides the best way and way for the Group to leverage its global underwriting platform and technological know-how to consolidate its position as a global reinsurance company.”
