Press Release
27 December 2016 - N° 34
SCOR receives the authorization to open a Composite Branch Office in India
The Insurance Regulatory and Development Authority of India (IRDAI) has granted SCOR "R3 authorization", allowing the Group to open a Composite Branch office in India to conduct Life and P&C reinsurance business.
SCOR has been writing business with Indian clients since 1973, having opened a liaison office in India in 2005. The establishment of a SCOR branch in 2016 demonstrates the Group's commitment to the Indian market and to the continued provision of services to its clients in the country.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: "Receiving the R3 authorization from the IRDAI to establish a SCOR branch in India marks a milestone for the Group in terms of solidifying its presence in the country, where it has enjoyed strong business relationships for many years. Our local team will be ready to provide business solutions to our Indian clients as of the 1 April 2017 renewals."
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Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 75 43
Ian Kelly
Head of Investor Relations
+44 203 207 8561
Twitter: @SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-.looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.
Please refer to the 2015 reference document filed on 4 March 2016 under number D.16-0108 with the French Autorité des marchés financiers (AMF) posted on SCOR's website www.scor.com (the "Document de Référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting". The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting".
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