SCOR’s Ailing U.S. Ops Get Canadian Help

Henry Klecan Jr., the president of SCOR Canada, has been given management control of the international group’s troubled U.S. operations. Describing the move south as a “secondment”, Klecan says he will remain fully involved with the Canadian operation whilst undertaking the restructuring of the U.S. company.

Over the past two years, the U.S. operation has stood out amongst SCOR Group’s subsidiaries as a financial disappointment. “Big is not necessarily beautiful,” Klecan observes, noting that past management had placed the U.S. company into a tight spot. Subsequently, the underwriting team at SCOR U.S. have tried to correct the mistakes of the past. “It’s unfortunate that the legacy of that time [poor management] is undermining everything done in the last two years [of corrective action],” Klecan comments. These legacy issues have become the central focus of media attention, he adds. “The general press has been obsessed with looking at legacy issues [of the company]. There has been virtually nothing written about the good skill sets and the good underwriting of the last few years.”