Covéa ordered to pay SCOR 23 million USD in compensation

scor coveaOn 10 November 2020, the Paris Commercial Court ordered the Covéa mutualist group to pay SCOR 20 million EUR (23.634 million USD) in compensation, which it was trying to reacquire in 2018.

Thierry Derez, CEO of the mutual company, was found guilty of using confidential information to launch the buyout operation rejected by the French reinsurer. It should be noted that Thierry Derez was SCOR’s administrator at that time.

Despite this decision, the Covéa case is yet to be closed. The reinsurer has filed two other complaints against the mutual group.The first concerns a criminal lawsuit against Thierry Derez and Covéa. The second against the consulting bank Barclays which shall be brought before the High Court of Justice in London.

Read also | Scor and Covéa struggle to find an amicable solution

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