French reinsurance firm SCOR has set up a new property and casualty (P&C) specialty insurance firm in Paris-based to cater to the needs of its European clients post-Brexit.

The establishment of new entity, SCOR Europe SE, was approved by the French supervisory authority, the ACPR (Autorité de Contrôle Prudentiel et de Résolution).

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Operating as a 100%-owned subsidiary of SCOR, the new company will transact business within the European Economic Area (EEA) from 1 January next year.

It will underwrite all new and renewed business in the EEA that can no longer be accepted by SCOR UK Company following Britain’s exit from European Union.

Additionally, SCOR Europe will also assume all commitments from policies earlier issued by SCOR UK Company if the latter fails to honour them post Brexit.

However, SCOR UK’s business Company will continue to serve all its clients in the rest of the world.

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SCOR Global P&C deputy CEO Laurent Rousseau said: “The creation of SCOR Europe SE enables us to provide continuity to our clients in light of Brexit.

“It will also help us to develop the infrastructure of our specialty insurance business, in line with the “Vision in Action” plan. SCOR Europe SE will leverage SCOR’s underwriting track record and expertise”.