French reinsurance major SCOR is moving its venture activities into the next phase by combining its P&C Ventures and L&H Ventures mandates into a single practice.
The combined entity will lead the investments and partnerships in early-stage firms working to address the issues across all lines of (re)insurance business.
SCOR said that the combined ventures bring together the venture market access, execution speed, and P&C Ventures’ experience of investing in MGAs, carriers, and software and partnerships with L&H Ventures’ HealthTech know-how.
The merger is expected to accelerate and align deals across L&H and P&C.
In the next phase or Venture 2.5 as SCOR calls it, investments and partnerships will be focused on areas that include investment in tech-driven underwriting companies (MGAs, carriers).
The insurer will also invest in software solutions that have the potential to benefit SCOR and/or its clients and health tech companies that are working to help people live healthier lives.
Furthermore, SCOR is keen on investing in North America, EMEA and LATAM markets and backing companies at their Seed to Series B rounds.
SCOR Ventures has a global team with a mix of insurance, operating and investment expertise. It also plans to hire an analyst in the future.
In May this year, SCOR announced restrictions on underwriting oil to move towards a low carbon economy.
The French firm will stop covering new oil fields from 2023 if the client does not have a plan to achieve net-zero targets by 2050.