French reinsurer SCOR has announced the consolidation of its operations in the Asia-Pacific region by merging its life and health (L&H) divisions into a single entity named SCOR L&H APAC.
The divisions being merged are L&H Fast Growth Markets APAC and L&H Mature Markets APAC.
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The move is aimed at centralising the company’s efforts and streamlining decision-making processes in the region, which is considered a key area for growth in the L&H sector.
SCOR has appointed Chloe Wang as the head of the newly formed SCOR L&H APAC.
SCOR CEO Thierry Léger commented on the strategic importance of the Asia Pacific region, stating, “Asia Pacific is a key growth region for Life & Health, presenting both a wealth of opportunities to grasp, as well as particular challenges to navigate.”
Léger also expressed confidence in Wang’s leadership, saying: “We count on Chloe, her leadership team, and all our SCOR L&H employees in APAC to continue to contribute to our profitable growth and we wish her luck in this new role.”
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By GlobalDataWang has held several leadership positions within SCOR since joining in 2010 and brings experience from previous roles at Swiss Re, AIG Life, and Mercer.
The restructuring within SCOR also sees personnel changes, with Dion Russell, the former head of L&H Mature Markets APAC, departing to pursue new opportunities. Paula Bourke, deputy CEO for L&H Australia and New Zealand, will take on the role of interim head of L&H ANZ.
This restructuring comes after SCOR announced in March this year to reorganise its property and casualty (P&C) and L&H segments, which took effect from 1 April 2024. The reorganisation aims to simplify the company’s structure, allowing for more agile and efficient operations.
In addition to the L&H division’s restructuring, SCOR revealed in September 2023 the creation of the New Energy Practice within its speciality insurance business, underscoring the company’s commitment to supporting the energy transition.
