For FY21, SCOR Channel produced a £14.1 million full-year profit despite the persistence of COVID-19 and other factors that impacted the UK insurance industry. It also achieved £266 million gross written premium (GWP) during the same year, a slight increase from £233 million during the year ended December 31, 2020 (FY20).
SCOR P&C EMEA CEO Stuart McMurdo commented that the FY21 results further strengthen SCOR Channel’s position within SCOR’s Specialty Insurance unit, promoting increased structural alignment.
“Despite some market turbulence, 2021 proved to be another good year for SCOR Channel,” McMurdo said. “Following the resetting of our strategy in Q4 2018 and the remediation work accomplished through 2019, we are delighted to see another strong set of results for our syndicate.”
With the new financial year and its ongoing integration with the SCOR Group, SCOR Channel will change its name to SCOR Syndicate, effective April 01, 2022. The new name reflects the syndicate’s renewed focus on ensuring its portfolio remains sustainable through diversification away from the property segment while maintaining its position therein.
Commenting on the brand overhaul, Romain Launay, deputy CEO of SCOR P&C and CEO of Specialty Insurance, said: “The renaming of SCOR Channel as the SCOR Syndicate reflects the depth of its integration into the wider SCOR Specialty Insurance unit. This integration allows SCOR to leverage a unified London platform and a single pool of top talent to write business in a flexible way, thereby offering the optimal solutions to our client needs.”
