June 18, 2008 12:10 ET

SCOR establishes its Hub for the Americas

PARIS--(Marketwire - June 18, 2008) - After Cologne and London, SCOR formally establishes the Hub structure for the Americas in New York. The new structure is based on the principle that each Hub has local, regional and global responsibilities both at the Divisional level (Global P&C and Global Life) and the Group level. The Americas Hub serves all regions in North and South America including Central America, the Caribbean and Mexico. The Group's decision to opt for a "Hub" company structure follows the successful consolidation of Revios and Converium. It takes full advantage of the strengths of the Group network.

The Hub will encompass three legal entities (SCOR US, SCOR Global Life Re US and SCOR Canada) plus their affiliated branches and representative offices throughout the Americas:

Hub managers:

Henry Klecan, Jr., member of the SCOR Global P&C Executive Committee, is the Managing Director of the Hub. He remains CEO of SCOR Re and SCOR Canada and will be SCOR's representative in the Americas for all corporate matters relating to the SCOR Group as a whole. Yves Corcos, member of the SCOR Global Life Executive Committee, is the Deputy Managing Director of the Hub and remains CEO of SCOR Global Life Re U.S Re-Insurance Company and its related entities and operations in Canada and Latin America. Steven Desner is Head of Human Resources, Mark Kociancic is the Chief Financial Officer, Roger Laxton the Deputy CFO in charge of Life operations, and Maxine Verne is General Counsel.

Property & Casualty - regional responsibilities of the Hub:

Jean-Paul Conoscente is the Treaty P&C Chief Underwriting Officer for the Americas (joining SCOR US in July). He will report to Yvan Besnard, Worldwide Treaty P&C Chief Underwriting Officer and member of the SCOR Global P&C Executive Committee. Reporting to Jean-Paul Conoscente will be the Chief Underwriting Officers for the P&C Treaty markets covered by the Hub: John Jenkins for Mainland USA, James Grieve for Mexico, Caribbean and Latin America and Patrick McGuinness for Canada.

Peter Rizacos, Neil Ringrose and Jose Carlos Cardoso will lead Business Solutions activity in the Americas as Regional Managers for the USA, Canada and Latin America respectively. They will report to Emmanuel Fierens, Worldwide Chief Underwriting Officer for Business Solutions.

Life & Health - regional responsibilities of the Hub:

Yves Corcos is in charge of the Life markets covered by the Hub, reporting to Norbert Pyhel, Deputy Chief Executive Officer of SCOR Global Life and member of the SCOR Group Executive Committee. Reporting to Yves as Market Heads are: Marc Cabrera for Risk Protection, Michael Shumrak for Asset Protection and Financial Solutions, Ignacio Ramirez for Latin America and Francois Lemieux for Canada. Susan Powell is in charge of Investors Insurance Corporation (IIC).

Global Group responsibilities conducted from the Hub:

Andrew Flasko, Chief Information Officer of the Hub, is also the Head of Corporate IT on a worldwide basis, covering both Infrastructure and Production, reporting to Régis Delayat, Group Chief Information Officer.

François de Varenne, Group Chief Operating Officer of SCOR, comments: "SCOR writes 20% of its business in the Americas. The Hub structure lends itself particularly well to this region, in view of its sheer size and diversity. Our colleagues in New York and Dallas, with their wide local and regional responsibilities, will be instrumental in further developing our activities in the largest insurance market in the world, as well as in Canada and South America where we seek to make further inroads into this region of great economic development."

With the Cologne, London and New York organizational structures now firmly in place, SCOR intends to apply similar structures to its other worldwide Hubs in Zurich, Paris, and Singapore.

Forward looking statements

SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n degrees809/2004 of the European Commission. Thus, any forward looking statements, contained in this communication, should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.

Please refer to SCOR's document de référence filed with the AMF on March 28, 2008 under number D.08-0154 (the "Document de Référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group.

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Contact Information

  • For further information, please contact:
    Beat Werder
    +33 (0)1 46 98 71 39
    Chief Communications Officer

    Marco Circelli
    +33 (0)1 46 98 72 17
    Head of Investor Relations