Covéa and SCOR wish to restore peaceful relations, based on professionalism and in keeping with their respective independence. These two major players in the insurance and reinsurance industry in France have decided to renew the relationship based on trust and mutual support that they enjoyed for many years.
The ACPR, whose vice-chairman is Jean-Paul Faugère, has asked that the dialogue between Covéa and SCOR be re-established and lead to a binding agreement formalized by the signature of a settlement agreement. The purpose of this settlement agreement, which was drawn up under his aegis and implies no admission of liability on either side, is to create the conditions for a return to a mutually beneficial relationship over the long term.
Covéa and SCOR firmly believe that this course of action will open up a new period of trust, in the interests of both parties, their stakeholders, and more generally the insurance sector in France and the Paris marketplace.
The Boards of Directors of Covéa and SCOR, which met on June 9 and 8, 2021, respectively, have approved the key points of a settlement agreement, which was signed today between Covéa SGAM, Covéa Coopérations and SCOR SE in the presence of the vice-chairman of the ACPR.
Covea also agrees to pay SCOR 20m euros. You can read more about the settlement in detail here.