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Scor launches reinsurance arm in Brazil

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Scor launches reinsurance arm in Brazil

Scor S.E. has begun operating as a local reinsurer in Brazil, the Paris-based reinsurer announced Monday.

Scor Brasil Re, which is based in Rio de Janeiro and has a branch in Sao Paolo, has capital of 100 million Brazilian reals ($44.7 million) and is underwriting both property/casualty and life reinsurance, Scor said.

Scor said it had been granted a license by the Brazilian regulator, Superintendencia de Seguros Privados, known as SUSEP, on Aug. 26.

In a statement, Scor said it intended to develop its specialty lines reinsurance business in Brazil and to become one of the top three specialty lines reinsurers in the country.

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