Global reinsurance giant
SCOR has received approval to open a branch in Japan, it has been announced.
SCOR Global Life will set-up shop in Tokyo and the approval will allow SCOR to conduct life and health reinsurance business in Japan.
The firm has had a presence in Japan since 1983, when SCOR set-up the Japan Liaison Office.
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The Financial Services Agency of Japan granted SCOR its license earlier this week and Paolo De Martin, CEO of SCOR Global Life, said that the new market will help boost the global business.
“The opening of the branch will enable us to deliver new and innovative solutions to support our customers in the Japanese life market,” De Martin said.
The new branch will focus on products, underwriting, claims and risk solutions in life and health and will look to utilise expertise in long-term care and critical illness as well as other health products.
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