SCOR Global Life enters US medical reinsurance market


SCOR Global Life enters US medical reinsurance market

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Life and health reinsurer SCOR Global Life has entered the US medical reinsurance market, offering reinsurance coverage for Health Medical Organisations (HMOs) and insurance companies.

SCOR’s medical reinsurance operation will be based in Minneapolis. It is supported by the actuarial, underwriting and medical director resources in Leawood, Kansas and Charlotte, North Carolina, the company said.

The coverage will be underwritten by General Security National Insurance Company (GSNIC). The company will offer a portfolio of customized solutions to manage medical risk and complex claims. And, as it obtains necessary regulatory approvals, SCOR will offer provider excess and employer stop loss insurance.

"We are a market leader in US life reinsurance and an established player in the group life market here," Paolo De Martin, CEO of SCOR Global Life, commented. "The adjacent medical market offers a substantial opportunity to expand our US footprint."

"This is a large market with significant demand for risk management solutions and expertise,” he said. “We made a comprehensive study of its potential and we believe we can effectively and successfully support the needs of existing and emerging market participants."

The company has assembled a team of senior executives from within to manage the new business unit. Kelly Munger was the first executive hire.

"When we made the strategic decision to enter the market, we knew we needed an A-team of health care and risk management experts to develop a business plan, build out a first-rate organisation and make an immediate impact in the medical excess market," said JC Brueckner, CEO of SCOR Global Life in the Americas.

"[Munger] leads our Group Reinsurance business unit and has done a superb job assembling a team of experienced professionals who understand the changes occurring in the market and who will work with brokers to develop customized solutions for their clients."

SCOR Global Life, Medical reinsurance, Insurance, Health Medical Organisations, US