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SCOR Health Insurance Company

Dino Christoforakis
Dino Christoforakis

Editor in Chief & Licensed Insurance Agent.

The SCOR Group is a global leader in the reinsurance industry. Since its beginnings in 1970 the SCOR Group has grown significantly in size and influence, receiving professional distinctions and numerous awards, including the prestigious “Best Global Reinsurance Company” award in 2010. SCOR’s first US office opened in Dallas in 1974. In 1988, SCOR moved its US headquarters to New York City where it remains today.

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Reinsurance is the practice of taking on all or part of another insurer’s liability risk, or put in different terms, reinsurance is insurance for insurance companies. When an insurance company chooses to pass along or “cede” risks to a reinsurer, the reinsurer accepts the risks and must compensate or indemnify the ceding company in case of a claim.

The main benefits of reinsurance are threefold. First, it provides the ceding company enhanced security and solvency. Second, it increases the insurer’s capacity to write more business, thereby taking on more risk. Last, reinsurance adds liquidity, increasing the cash available to cover losses from claims. Reinsurance companies also provide advice and counsel to their client companies.

The SCOR Group is comprised of three companies:

  • SCOR Global Property and Casualty Reinsurance
  • SCOR Global Life
  • SCOR Global Investments

SCOR’s property and casualty division is well diversified, with strong business ties in:

  • Europe
  • Asia
  • Latin America
  • Middle East

SCOR Global Life accounts for two thirds of all policies written in Europe and has significant interests in Asia and growing revenues in the United States. International headquarters for SCOR are in Paris, France. Contact information for the SCOR Group in the United States is:

199 Water Street
Suite 21
New York, New York 10038

The SCOR website is very complex, striving to satisfy the needs of clients, investors and the worldwide media. Information may be examined in either English or French. The home page features quick links to company stock and financial reports, analyses and ratings information and schedules for company presentations and webcasts, which are numerous.

SCOR Ratings

In 2011, A.M. Best affirmed SCOR’s excellent, A, rating for financial strength with a stable future outlook. Moody’s, Fitch, and Standard & Poor’s all give SCOR a positive outlook with A ratings.

SCOR Products

SCOR life products include reinsurance protection for risks involving:

  • Accidents
  • Short and long-term disabilities
  • Extended care and longevity
  • Death
  • Preferred life criteria*

*Preferred life policies are based on special criteria, which take into account additional risk factors that may influence mortality (death) rates. Examples of these factors might be smoking, drug addiction, or alcoholism, all known to affect a person’s health and well-being. Life insurance premiums would be adjusted higher considering these factors. With higher risks come higher claim rates and more potential losses for the original policy provider and subsequent reinsurer.

SCOR property and casualty specialty products provide risk coverage for the following:

  • Treaty property and casualty
  • Agriculture and aviation
  • Engineering
  • Credit and surety
  • Marine, including cargo ships and oil equipment
  • Space travel

SCOR’s Business Solutions division provides services for insuring the exploration and utilization of natural resources whether on land or sea. This division also provides risk coverage for commercial and industrial clients. SCOR specialists serve as consultants and prevention advice. SCOR also arranges audits for claims to help ceding companies manage their portfolios more effectively.

SCOR Property and Casualty Group publish technical brochures and newsletters throughout the year to update clients on industry changes and challenges. Current as well as previous editions of these publications are available on their website.

SCOR Careers

As in the rest of the SCOR website, the career pages, provide comprehensive information about career opportunities within the SCOR group of companies. For each professional listing, the website features comments by a current SCOR employee who works in that area. The employee briefly describes the position and his or her role in the company.

SCOR in the News

The SCOR media pages provide current news and information, briefs from the company leadership and list upcoming company presentations and webcasts of interest to the global insurance community.

In September 9, 2011, SCOR foiled fraud artists who attempted to hack into the company’s computer system, intent on stealing privileged client information. This blatant attempt at international identity theft was detected by SCOR’s internal security systems. Unlike other major financial companies who have been embarrassed recently by information thieves, SCOR’s protection systems did their job and no records were compromised.

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