SCOR streamlines L&H business in Asia

SCOR streamlines L&H business in Asia | Insurance Business New Zealand

Reinsurance

SCOR streamlines L&H business in Asia

New division head named

Reinsurance

By
Kenneth Araullo

SCOR has announced the consolidation of its life and health (L&H) operations in the Asia-Pacific (APAC) region by merging its L&H Fast Growth Markets APAC and L&H Mature Markets APAC into a single entity, SCOR L&H APAC.

Chloe Wang, who has been with SCOR since 2010 and most recently led the L&H Fast Growth Markets APAC division, has been appointed head of SCOR L&H APAC.

Wang’s professional background includes roles at Swiss Re as vice president, client markets in Beijing from March 2007 to October 2010, and at AIG Life Ltd as a senior actuary in Toronto from June 2002 to February 2007.

Earlier in her career, she worked as an actuarial analyst at Mercer in Toronto. Wang holds a Bachelor of Mathematics in Actuarial Science and Statistics from the University of Waterloo.

SCOR CEO Thierry Léger emphasized the strategic importance of the Asia-Pacific region for the company’s life & health business, noting the opportunities and challenges present in the market.

He also expressed confidence in Wang and her team to drive profitable growth in the region and extended his best wishes for her success in the new role.

In related leadership changes, Dion Russell, who previously served as SCOR’s head of L&H Mature Markets APAC, has left the company to pursue other opportunities.

Paula Bourke, currently deputy CEO for L&H Australia and New Zealand (ANZ), will assume the role of interim head of L&H ANZ.

The L&H consolidation in the region for the global re/insurer also comes following “disappointing” financial results for the group, with SCOR reporting a net loss of €308 million, with an adjusted figure of €283 million, largely due to negative performance in L&H reinsurance.

The less-than-stellar results have also led to Frieder Knüpling, CEO of SCOR L&H since 2021, exiting the firm to pursue new opportunities and Léger taking over.

What are your thoughts on this story? Please feel free to share your comments below.