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Scor to move half of Zurich team’s $200mn US cat book stateside

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Scor is to move just over half of the $200mn of US property cat business currently written in Zurich to its bases in Chicago, New York and Miami, The Insurance Insider can reveal. 

Part of Scor’s US property cat business is currently written by the team led by global CUO Thomas Haegin. Sources said that from the 1 January renewal, this business will sit within the remit of Chicago-based Augustin Gas, senior vice president, senior underwriter and property team leader.  

It is understood Haegin’s Zurich team will continue to write a book of US property cat business focusing on global clients with US exposures, which includes some Lloyd’s syndicates.  

Scor does not plan to relocate any staff as a result of the move, sources said.  

The transferred business will be written on admitted carrier paper, which has the same rating level as Scor’s Zurich capacity. 

The French reinsurer has built up its presence in the US and grown its property portfolio written there from a $100mn premium book supporting mainly regional American carriers in 2005 to a $400mn book today.  

In its 2016-19 strategy, “Vision in Action”, Scor identified US business as a priority area for growth and set about expanding the business written from the country. 

It also hired a number of new property treaty underwriters in the US from 2015 onwards, including Mike Liedke, Ken Slack and John Lambros in Chicago, Sarah Bitter and Alfredo Lomeli in Miami, and Andrew Aldorisio, Louis Panas and Elizabeth Hodge in New York.  

The carrier’s current strategy, “Quantum Leap”, which runs from 2019, includes an aim to redeploy capital on “value-creative segments, markets and clients” within its P&C segment.  

It is understood that moving the Zurich business to the US is an attempt to work more closely with US customers from domestic bases in order to align with that strategy and push into the market. 

At its mid-year results update, Scor chairman and CEO Denis Kessler was upbeat about rating momentum in the US, citing an “extraordinary change of mood” and predicting further firming in both primary and reinsurance lines in 2020.  

Scor declined to comment.  

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