Scor S.E. has obtained approval to launch a managing agent at Lloyd's, Paris-based Scor announced Tuesday.
The new managing agency — the Channel Managing Agency Ltd. —will act as managing agent for Scor’s own Lloyd’s syndicate, Channel 2015, effective Tuesday.Channel 2015 started underwriting in early 2011 and has established a successful platform in its first years of existence, Scor said in its announcement.
“The establishment of a managing agency is a key milestone of the Lloyd’s initiative which forms part of SCOR’s ‘Optimal Dynamics’ three-year plan,” Scor said in the announcement. “Both the managing agency and Channel 2015 will benefit from streamlined administration and efficiencies, as well as the ability to leverage the expertise and resources of the SCOR Group. The approval of the Channel Managing Agency Ltd. so soon after Channel’s third anniversary demonstrates SCOR’s commitment to Lloyd’s.”
Scor received approval from Lloyd’s, the Financial Conduct Authority and the Prudential Regulatory Authority of the U.K. to launch the new operation.