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.
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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.
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By GlobalDataFurthermore, 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.
