In conflict since the proposed takeover of SCOR by Covéa in 2018, the two big names in the French insurance market have agreed to settle their dispute in court.
Less than a month before the criminal trial of Covéa and its CEO Thierry Derez, accused of a breach of trust by SCOR, the mutual insurance group and the reinsurer have signed a settlement agreement on 10 June 2021.
This agreement, drawn up under the aegis of the Prudential Supervision and Resolution Authority (ACPR), sets out the key points for the restoration of a long-term peaceful relationship. Non-disparagement obligations and a commitment to non-aggression figure among the conditions mentioned in the protocol.
After Covéa, SCOR has also decided to put an end to its dispute with the advisory bank Barclays, which was involved in the attempt to buy the French reinsurer by the mutual insurance company.
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