SCOR

SCOR's investment strategy is run through SCOR Investment Partners, the group's dedicated asset management arm. The CEO, Thierry Léger, holds ultimate responsibility for the balance sheet. Senior investment professionals manage allocations across fixed income, alternatives, and real estate, with François de Varenne having historically shaped capital management as former Group CFO and Deputy CEO before moving to an advisory role in 2026.

SCOR is a publicly traded reinsurance company listed on Euronext Paris. It is not a family office. The firm invests the premiums it collects from ceding insurers across a global multi-asset portfolio designed to back its underwriting liabilities.

SCOR primarily accesses private markets through fund commitments, often serving as a significant Limited Partner. It has a known relationship with Ardian, the Paris-based private equity and secondaries giant, and participates in co-investment opportunities where fund relationships allow. Its ILS platform originates insurance-linked securities directly.

SCOR has not published an explicit exclusion list. As a regulated insurer subject to Solvency II, its portfolio construction must meet strict capital adequacy requirements, which can limit exposure to unrated or highly volatile instruments that would attract punitive capital charges.

Yes. SCOR Investment Partners is the group's regulated asset manager and manages both the proprietary insurance float and third-party mandates. The third-party business has grown in recent years, particularly in private debt and infrastructure strategies. This dual mandate requires managing conflicts of interest between internal and external clients.

SCOR holds a material stake in MRM, a French listed real estate investment trust that owns mixed-use commercial properties across France. François de Varenne served on MRM's board as a non-executive director, reflecting SCOR's approach of pairing real estate fund commitments with direct operating-company relationships.

Yes. SCOR operates an ILS platform from Paris and London that structures and invests in catastrophe bonds and other insurance-linked instruments. This vertical gives SCOR direct origination capacity in a niche asset class where it has both underwriting and investing expertise—rare among European insurers at this scale.