The MoU covers the cession of the underwriting risks under Japan Post Insurance’s Postal Life Insurance policies and the establishment, investment and operation by SCOR of a reinsurance vehicle for risk management purposes, intended to assume underwriting risks held by both Japan Post Insurance and SCOR and thereby provide both parties with risk diversification benefits.
Paris: Japan Post Insurance and SCOR SE has signed a Memorandum of Understanding (MoU) on a number of business matters.
The MoU covers the cession of the underwriting risks under Japan Post Insurance’s Postal Life Insurance policies and the establishment, investment and operation by SCOR of a reinsurance vehicle for risk management purposes, intended to assume underwriting risks held by both Japan Post Insurance and SCOR and thereby provide both parties with risk diversification benefits.
The MoU will also enable Japan Post Insurance’s investment in the reinsurance vehicle for the purpose of ensuring its financial soundness, with the expectation that the reinsured contracts ceded thereto will be appropriately managed by the ceding reinsurer.
Going forward, the parties intend to continue discussions on the details of the transaction outlined in the MoU, the investment in the reinsurance vehicle, and related matters.
Subject to reaching final agreement in connection with such discussions and obtaining the necessary regulatory approvals and licenses, Japan Post Insurance and SCOR intend to proceed with the commencement of the transaction outlined in the MoU and the investment in the reinsurance vehicle.
Once a formal decision is made regarding the execution of such investment it will be promptly disclosed, said SCOR..