France-based life reinsurance provider Scor Global Life launched a corporate venturing unit on Thursday called Scor Life and Health Ventures.
The unit will focus on the life insurance sector, targeting startups that can add strategic value to the corporate’s offering. The size of its fund have not been disclosed.
Scor Global Life forms part of Scor, a reinsurance group that also includes property and casualty reinsurance business Scor Global P&C and asset management firm Scor Global Investments.
Scor Life and Health Ventures’s first investment is iBeat, a US-based health technology producer that has created a smartwatch which continually monitors a wearer’s heart activity and alerts the user, family and emergency services if a life-threatening sitatuon arises.
The smartwatch also includes an emergency button that can be manually engaged by the user. Financial terms of the iBeat deal have not been revealed.