The Hub structure

With its various external growth operations over the last few years, the SCOR group has become a real multinational player. Now belonging to the SCOR group, which already has a strong presence in France and the USA, are Cologne-based Revios and Converium, whose head office is in Zurich. The Group therefore wanted to adapt to the diverse cultures of these three former companies. Furthermore, the Group had to take into account the characteristics of its statutory reorganisation in 2007 around the three Societas Europaea in Paris, with the third operational structure of the Group, SCOR Global Investments, which also holds this status.
A new dimension This is why SCOR set up an original organisational structure in 2008 and 2009, based on Hubs: Paris, Zurich, Cologne and London for Europe, Singapore for Asia and New York for the Americas.
This Hub structure allows the Group to provide value-added management solutions whilst maintaining a close proximity to its clients. As the Hubs are located at a local level, they are also able to attract and retain local talent on each market. Finally, the Hub structure helps to optimise each platform, integrating them efficiently and seamlessly into the global structure of the Group and thus generating synergies. This structure reflects the decentralised, multinational and multicultural character of SCOR, which is perfectly suited to the international reinsurance business.

Reorganisation of the entities into Hubs For SCOR, these six Hubs correspond to a reorganisation of its entities around 6 Life/Non-Life management platforms, or Hubs, to which are allocated the subsidiaries or branches of the Hub's geographical area. These platforms manage Life and Non-Life risks on their local markets and in their geographical areas, as well as caryying out global functions such as underwriting functions (e.g. underwriting certain specialities in Zurich or Takaful reinsurance in Singapore) and management functions (e.g. centre of excellence for financial modelling in Zurich, establishment of CFO at SCOR Global Life and centre for calculating the Group's Embedded Value in Cologne).

Hubs across the globe Four of the six Hubs were set up in 2008 in Cologne, London, New York and Singapore. At the end of January 2009, the Zurich Hub was launched. Mid-February 2009, the creation of the Paris Hub completed this reorganisation, providing a clear and precise definition of the functions of the central company SCOR SE.  This new structure enabled the synergies objective, which was defined in 2007 during the merger with Converium, to be met at the end of 2009, without no loss of skills and despite heavy investments in terms of merging the information systems.

Why a Hub-based organisational structure ?