SOURCE: SCOR

May 20, 2008 12:29 ET

SCOR releases structure for London Hub

PARIS--(Marketwire - May 20, 2008) - SCOR releases structure for London Hub

After announcing the structure of the Cologne Hub on 5 May 2008, SCOR unveils the structure of its London Hub.

SCOR is now structured around six Hubs: Paris, Zurich, Cologne and London for Europe, Singapore for Asia and New York for the Americas. The Group's decision to opt for a Hub structure follows the successful consolidation of Revios and Converium. It takes full advantage of the strengths of the Group network. 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 London Hub is governed by the following structure:

London Hub managers:

Malcolm Newman is the Managing Director of the Hub. He will be SCOR's representative in the United Kingdom for all corporate matters relating to the Group, encompassing SCOR SE and the two operational entities SCOR Global Life SE and SCOR Global P&C SE and will additionally retain responsibility for the SCOR relationship with the Medical Defence Union, the UK's leading medical defence organisation. Adrian Hacking is the UK General Counsel, Gillian Coleman is Head of Human Resources and Ian Kelly is the Chief Financial Officer of the Hub.

Property & Casualty - regional responsibilities of the Hub:

Alan Grant is the Chief Underwriting Officer for London Hub Specialty and Business Solutions, reporting to Benjamin Gentsch, the Head of Specialty Lines and Business Solutions worldwide and member of the SCOR Group Executive Committee.

Laurent Thabault is the Chief Underwriting Officer for the London Hub Treaty P&C markets, reporting to Umberto Gavazzi, Chief Underwriting Officer for Treaty Property & Casualty EMEA (Europe, Middle East and Africa) and member of the SCOR Global P&C Executive Committee.

Property & Casualty - worldwide responsibilities conducted from the London Hub:

Frédéric Schwach, who is responsible for the modelling of the P&C operating plan, reports to Christian Delannes, Chief Financial Officer of the P&C Division and member of the SCOR Global P&C Executive Committee.

Life & Health - regional responsibilities of the Hub:

Reporting to Norbert Pyhel, Deputy Chief Executive Officer of SCOR Global Life and member of the SCOR Group Executive Committee, is Simon Pearson, member of the SCOR Global Life Executive Committee, who is in charge of the Life markets covered by the Hub, specifically the United Kingdom, Ireland and the Scandinavian countries, which are serviced by SCOR Global Life SE's Stockholm based subsidiary Sweden Re under the leadership of Managing Director Fredrik Sundberg.

Life & Health - worldwide responsibilities conducted from the London Hub:

Simon Pearson is additionally responsible for the Global Product Line Management of the worldwide Life & Health operations.

Life & Health & Property & Casualty regional responsibilities conducted from the London Hub:

Managed by Gavin McLaughlin the Dublin group of companies will support the London Hub's P&C treaty business managed by Laurent Thabault and the London Hub's life business managed by Simon Pearson.

Global Group responsibilities conducted from the London Hub:

From 1 August 2008 the Group Capital Management, Investor Relations and Rating Agency responsibilities will be performed from London with a team headed by Marco Circelli.

François de Varenne, Group Chief Operating Officer of SCOR, comments: "This second Hub in one of the most important insurance centres in the world further affirms SCOR's ultimate commitment to creating a lean and effective network structure with each Hub carrying out local, regional and worldwide responsibilities. London plays a very important part in the network as a centre of talent, capital and risk management."

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

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.

This information is provided by HUGIN

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