SCOR business insurance

Overview

SCOR is one of the world's largest reinsurers, based in Paris. In the U.S. it also runs a primary insurance business that a business owner or broker may meet directly. The NAIC's SCOR group was ranked No. 92 among U.S. business insurers by 2025 commercial lines direct premiums written, with $711.6 million, based on NAIC market share data, or about 0.15% of the national commercial market. It does not rank in the national top 10 in any single line. The book is led by package policies (commercial multiple peril, $378.7 million) and other liability ($223.9 million), followed by commercial auto and inland marine.

Two companies make up the U.S. primary group:

• General Security National Insurance Company (GSNIC) is a New York admitted insurer licensed in all 50 states and D.C.
• General Security Indemnity Company of Arizona (GSINDA) is an excess and surplus lines carrier, listed by Missouri regulators as a surplus lines company. It is the former Fulcrum Insurance Company.

Both are owned by SCOR Reinsurance Company (SCOR Re), SCOR's New York-domiciled reinsurer, which in turn is owned by SCOR SE. The parent company is listed in Paris.

According to the New York Department of Financial Services' March 2026 examination report, the U.S. companies have no sales force of their own. Large-risk business comes through brokers to SCOR Business Solutions, SCOR's corporate insurance unit. Most of the rest is delegated underwriting authority (DUA) business written by managing general agents and program administrators, who in turn work through their own agents and wholesalers.

History

SCOR was created in France in 1970 and grew into a global reinsurer. GSNIC's history is a chain of reinsurance acquisitions, per the DFS report:

• 1980: incorporated in New York on May 15 as Copenhagen Reinsurance Company of America, to take over the U.S. business of Denmark's Copenhagen Re.
• 1989: renamed Sorema North America Reinsurance Company after Sorema, part of France's Groupama, acquired it.
• 2001: SCOR bought Sorema N.A. Holding Corporation on July 31. The company took its current name, General Security National Insurance Company, on January 1, 2002.
• 2009–2010: merged with an affiliate, Commercial Risk Reinsurance Company, and was moved under SCOR U.S. Corporation.
• 2022: ownership moved to SCOR Re effective December 31.
• 2026: from January 1, GSNIC and GSINDA cede 100% of the business they write to SCOR Re under a new pooling agreement, plus a loss portfolio transfer of their retained reserves. In effect, SCOR Re now carries the net risk on U.S. primary policies.

GSNIC stopped writing accident and health policies after 2019. The medical stop-loss business once written for it by SCOR Advantage MGA has been in run-off since January 1, 2020. GSNIC's direct premiums grew from about $46 million in 2020 to about $140 million in 2024. The rest of the group's 2025 U.S. commercial premium is written mainly on GSINDA's surplus lines paper.

Business insurance products

SCOR Business Solutions (large corporate risks). SCOR's corporate insurance arm writes property and casualty plus a long specialty list: construction, cyber, environmental liability, executive risks and financial lines, fine art and specie, marine, mining, onshore and offshore energy, power, space, and terrorism and political violence. It also has a new energy practice. In the U.S., GSNIC and GSINDA are its policy-issuing companies. This business usually sits in layered or shared programs for large accounts, alongside markets such as AXA XL, HDI Global and Swiss Re Corporate Solutions's Corporate Solutions.

MGA and program business. This is where the package, general liability and auto premium comes from. GSNIC's 2024 direct premium was 33.0% other liability (including umbrella and errors and omissions), 28.8% inland marine and 12.7% commercial property, and it also writes livestock and bloodstock. Its top states were New Jersey (22.5%), New York (13.0%), California (8.4%), Texas (6.2%) and Pennsylvania (5.3%). SCOR does not publish a list of its U.S. MGA partners. One partnership made public in 2020 was Venture Underwriters, which offered GSINDA general liability paper to brokers on a limited basis. Venture pitched the rating as a way to meet contract requirements on larger risks and for government contractors. program business: niche insurance through program administrators explains how these arrangements split underwriting, service and risk.

Alternative solutions. SCOR's P&C Underwriting Solutions unit offers structured and non-traditional covers to corporations and insurers. That is of interest mainly to large companies and captive owners.

Who it insures

At the top end: large commercial and industrial companies with complex property, energy, construction and liability exposures, placed by major brokers. At the small end: businesses that end up with a GSNIC or GSINDA policy because their broker placed them in an MGA program, often in the excess and surplus lines market. Those buyers may never see the SCOR name except on the declarations page. Appetite, class lists and state footprints are set program by program.

How to buy

SCOR does not sell to businesses directly, and it publishes no small business quoting.

• Large accounts: your broker approaches SCOR Business Solutions underwriters, often for a share of a property or casualty tower.
• Small and mid-sized accounts: your broker reaches an MGA or wholesaler that has SCOR capacity. If the policy is issued by GSINDA, it is a non-admitted placement. State guaranty funds generally do not respond, and surplus lines taxes apply (see admitted vs non-admitted insurers: what the difference means).
• Certificates, endorsements, audits and billing are handled by the MGA or broker named on the policy.

Claims

Report claims to the party named in your policy's claims notice. On program business that is usually the MGA or its appointed third-party administrator. On large corporate policies, your broker usually coordinates notice with SCOR's claims team. SCOR's website publishes no U.S. claims phone line for GSNIC or GSINDA policyholders. If you cannot find the notice address, ask your broker or check the declarations page before a reporting deadline passes, especially on claims-made policies.

Financial strength and ratings

SCOR's ratings page (checked October 2026) lists these financial strength ratings:

• AM Best: A (Excellent), stable outlook, latest action February 13, 2026.
• S&P: A+, stable, latest action June 18, 2025.
• Moody's: A1, stable, latest action August 25, 2026.
• Fitch: A+, positive outlook, latest action October 14, 2025.

SCOR's corporate insurance page lists GSNIC and GSINDA among the licensed companies SCOR Business Solutions writes on. The DFS report notes that SCOR SE issues parental guarantees to its operating subsidiaries, and since January 2026 SCOR Re reinsures 100% of their business. GSNIC's own policyholder surplus was about $194.6 million at the end of 2024, but its strength rests mainly on the group. See AM Best rating for how the scales compare.

The 2026 DFS examination accepted GSNIC's reported loss reserves as of year-end 2024. It recommended a formal written succession plan and better reconciliation of the U.S. companies' loss reserve data in their actuarial reports.

Strengths and weaknesses

SCOR brings a large, highly rated global balance sheet to U.S. primary business. For most buyers, though, the U.S. insurers are issuing companies, and the service relationship sits with a broker or MGA.

• Strengths: Group ratings in the A to A+ range from all four major agencies. Both admitted (GSNIC, all 50 states) and surplus lines (GSINDA) paper. Broad large-risk specialty capacity, including energy, power, construction and political risks. Since 2026, 100% of U.S. primary business is reinsured by SCOR Re.
• Weaknesses: No direct sales, no small business quoting and no published U.S. claims line. Program partners are not disclosed, so service quality depends on the MGA. U.S. primary insurance is a small sideline next to SCOR's reinsurance business, which leaves room for strategy shifts. The 2026 DFS exam flagged governance documentation and reserve data reconciliation.

How to contact SCOR