David Reed is set to retire as CEO of Scor’s Lloyd’s business amid a reshuffle that will see both Channel Syndicate and the reinsurance giant’s other UK operations brought under one roof.
As part of the restructuring, Scor is merging its London specialty operations into one single business platform.
The P&C platform will offer both company or Lloyd’s paper, or a combination of the two, Scor announced today.
Stuart McMurdo will succeed Reed as CEO of the Channel Managing Agency, which oversees Scor’s Lloyd’s platform the Channel Syndicate, at the beginning of September.
As revealed by re-Insurance.com earlier this year, McMurdo joins Scor from South African (re)insurer Santam, where he has spent the last eight years leading the carrier’s reinsurance business.
According to his LinkedIn profile, he has also held positions at Compass Insurance and Hannover Re – based in both South Africa and Germany.
In addition, Tom Corfield, currently active underwriter of the Channel Syndicate, has added to his remit the responsibilities of chief underwriting officer of Scor UK.
Both McMurdo and Corfield have joined the board of directors at Scor UK and their appointments have been approved by the regulators.
Reed will continue as a non-executive director of the Channel Managing Agency.
“The appointments of Stuart McMurdo and Tom Corfield in their dual roles at Scor UK, the Channel Managing Agency and the Channel Syndicate represent a key step towards the consolidation and strengthening of Scor Global P&C’s specialty commercial lines insurance platform in the London Market,” Laurent Rousseau, deputy-CEO of Scor Global P&C, said.
“A unified senior management team with oversight across a single, strong insurance platform in the London Market will significantly enhance our presence in the market and our ability to satisfy our clients’ needs through tailored solutions, while improving our ability to provide a global offering by federating the means and expertise of our teams throughout the world,” he added.
News of the appointments and restructuring follows wider changes in Scor’s large corporate business unit that were unveiled in May.
As part of the overhaul, Scor restructured its Business Solutions unit by geography and line under global P&C boss Victor Peignet’s recently appointed second in command, Laurent Rousseau.
As part of the restructuring, the commercial risk unit was expanded to include six business lines from the three it was previously made up of.
In addition to the restructure, Scor also added a portfolio underwriting division to the unit where Renaud Ambite is chief technical officer.
Scor’s Lloyd’s carrier, Channel Syndicate 2015, booked a £46.9mn loss on a 127 percent combined ratio for 2017. Last year, it wrote premiums of £262.5mn.