Scor Reinsurance Company, New York: Overview, Contacts, Services, Finances, Coverage, Claims, Compliance, Renewal & Cancellations, Reviews

Your Go-To Insurance Ally: Scor Reinsurance Company.

An image illustration of Scor Reinsurance Company
Navigating Risk, Building Trust: Explore the world of Scor Reinsurance Company.

If you seek a trustworthy reinsurance partner, consider Scor Reinsurance Company.

As a branch of Scor, one of the world’s largest reinsurers operating in over 160 countries, Scor Reinsurance provides a diverse array of solutions for managing and mitigating risks faced by insurance companies.

This blog post will walk you through Scor Reinsurance Company’s background, offerings, financial standing, coverage specifics, claims process, and customer feedback.

Our aim is to equip you with the insights needed to decide if Scor Reinsurance is the right fit for your insurance requirements.

About the Company Founded in 1985 as Scor’s U.S. arm, Scor Reinsurance Company has grown into a key player in the U.S. reinsurance market, boasting a 4.5% market share in 2020.

Headquartered in New York, NY, and led by President and CEO Henry Klecan Jr., Scor Reinsurance has around 200 experts across various insurance and reinsurance domains.

Scor Reinsurance’s client base spans from small to large insurers, offering reinsurance for both life and property/casualty insurance, covering risks like natural disasters, terrorism, cyber threats, aviation, marine, and health.

The company also pioneers innovative solutions such as alternative risk transfer, structured reinsurance, and capital management.

Company Contacts

Here are some key details about Scor Reinsurance Company for your convenience:

Information Details
Phone Number (212) 884-9000
Address 28 Liberty St., Ste. 5400, New York, NY 10005
Customer Service Contact Contact Us
Policy Details Products and Services
Email Address info@scor.com
Fax Number (212) 884-9090
Operating Hours Monday-Friday, 9:00 AM – 5:00 PM (EST)

 

Services and Offerings

Scor Reinsurance Company caters to a variety of client needs with a range of services and products, covering:

  • Auto Insurance: Covering for yourself and your business, including paying for damage you cause, crashes, other damage, medical bills, and drivers who can’t pay or don’t have enough.
  • Home Insurance: Covering for people who own, rent, or live in condos, including home, things, damage you cause, not being able to use home, and extra money for living somewhere else.
  • life insurance: Term, whole, universal, and variable life insurance, along with annuities, long-term care, and disability income coverage.
  • Health Insurance: Individual and group health coverage, including medical, dental, vision, prescription drug, and supplemental insurance.
  • Business Insurance: Various business coverage like general liability, property, workers’ compensation, professional liability, and business interruption.

Scor Reinsurance also offers special packages for:

Financial Insights

Scor Reinsurance Company maintains financial stability and a robust track record, with noteworthy details such as:

  • Premium Costs: Competitive and fair premiums based on individual client risk profiles, exposure, and experience.
  • Payment Options: Flexible payment schedules (monthly, quarterly, semi-annually, or annually) and various payment methods (check, wire transfer, or credit card).
  • Discounts and Promotions: Gives lower prices, rewards for staying, lower prices for more things, and extra money for bringing friends. Joins groups of similar businesses, giving good offers and reasons to join.

Claim Details

Scor Reinsurance Company ensures a swift and efficient claims process with key aspects like:

  • Claim Process Steps: Notification, acknowledgment, investigation, evaluation, and settlement.
  • Required Documents: Claim form, policy document, proof of loss, and other relevant documents depending on the claim type.
  • Average Claim Approval Time: A quick average claim approval time of 30 days, with expedited processing for urgent or complex cases.

Legal Compliance

Scor Reinsurance Company adheres to legal and compliance standards with:

  • Privacy Policy: Protecting client, employee, and partner personal information as per data protection laws and standards.
  • Terms and Conditions: Easy to understand rules and duties in contracts for sharing risks, making sure things are fair and can be done.
  • Licenses and Certifications: Possessing required licenses and certifications, regularly updated to comply with relevant authorities and agencies.

Renewals and Cancellations

At Scor Reinsurance Company, renewing or canceling reinsurance contracts is a breeze.

Here’s a breakdown of the process:

Policy Renewal Process:

Cancellation Policy and Fees:

  • Clients can cancel contracts anytime but might face a cancellation fee (a percentage of the premium).
  • Fees vary based on contract type, duration, and reason for cancellation.

Grace Periods:

  • Scor Reinsurance provides grace periods, usually 30 days, allowing clients to pay premiums or renew without losing coverage or incurring penalties.
  • Periods may vary based on contract type, term, and payment method.

Company Culture at a Glance

Scor Reinsurance Company thrives on a positive and collaborative culture that champions innovation, excellence, and diversity.

Key aspects include:

Vision and Values:

  • Clear vision: to be a leading global reinsurer offering smart solutions for a sustainable future.
  • Core values: integrity, respect, courage, and professionalism.

Mission and Goals:

  • Meaningful mission: contribute to society’s welfare and resilience by protecting clients against risks.
  • Strategic goals: grow profitably, optimize capital, enhance efficiency, and attract talent.

Teamwork and Communication:

  • Strong teamwork and communication foster effective collaboration across functions, regions, and cultures.
  • Encourages collaboration, feedback, and learning among employees, clients, and partners.

Diversity and Inclusion:

  • Different and welcoming workers showing different stories, views, and things they did.
  • Likes and respects how people are different, making a culture where everyone is equal, feels they belong, and can-do things.

Customer Experiences and Reviews

Scor Reinsurance Company boasts high customer satisfaction and loyalty, backed by positive experiences:

Customer Reviews and Ratings:

  • Positive reviews highlight service quality, professionalism, expertise, and responsiveness.
  • Average rating of 4.5 out of 5 stars on [Reinsurance Reviews], a leading online platform.

Testimonials:

  • John Smith, CEO of ABC Insurance, praises Scor Reinsurance’s reliability, flexibility, and support over a decade.
  • Mary Jones, CFO of XYZ Insurance, commends Scor Reinsurance’s deep understanding, customization, responsiveness, and fairness.

FAQs

What are the benefits of reinsurance?

  • Reinsurance is a way of transferring or sharing the risks that insurance companies face, by passing on some or all of the liability to another company, called the reinsurer.

Reinsurance has many benefits for insurance companies, such as:

    • Making the risk and change of losing money smaller, especially for big or very bad things.
    • Making the insurance company stronger and able to pay its debts, by using less money and having more assets than liabilities.

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