Scor SE (SCR), France’s largest reinsurer, signed an agreement worth 1 billion euros ($1.3 billion) in premiums with BBVA Seguros SA to reinsure mortality risk on mortgages and personal loans.
Under the accord, Scor assumes a quota share of 90 percent of the majority of the Spanish insurer’s single premium and regular premium business for the policies, the Paris-based company said in a statement today.
The block transaction, made via Scor’s Irish reinsurance unit, will start by generating gross premiums of 120 million euros this year, Scor said.
BBVA Seguros is owned by Bilbao, Spain-based Banco Bilbao Vizcaya Argentaria SA. (BBVA)
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