SCOR OPENS SOUTH AFRICAN SUBSIDIARY, RAY IN CHARGE

France-based reinsurer Scor has opened “a fully fledged composite subsidiary” in South Africa. The move follows the decision by the local insurance regulatory body the FSB to grant Scor a licence to conduct life and non-life reinsurance business in the country. Scor has therefore converted what was a representative office into a wholly owned subsidiary that will cover Africa’s English and Portuguese-speaking markets, as well as Mauritius. Terry Ray, previously manager of Benfield’s South African entity, has been appointed CEO of Scor Africa. Mohamad Motala, previously a reinsurance manager at ABSA Insurance Co Ltd, will be CEO for non-life business. Scor said that it would be naming the head of the life division in the near future. Scor noted that the life and non-life markets in South Africa had grown rapidly in recent years, “notably due to South Africa’s readmission to the global economy, to the expansion of the middle class and to significant spending on infrastructure”. In February Scor completed the roll-out of its global hub system, with centres in Paris, Zurich, Cologne, London, New York and Singapore.