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.
Scor S.E. has obtained approval to launch a managing agent at Lloyd's, Paris-based Scor announced Tuesday.