French insurance group Covéa and a global reinsurance company headquartered in Paris SCOR We handed each other the olive branch indicated by the signature of the settlement agreement, which was created with the support of Jean-Paul Faugère, Vice President of Autorité de Contrôle Prudentielle de Résolution (ACPR).
In the joint announcement, the previously contested companies said: “Covea and SCOR want to restore peaceful relations while maintaining their independence on a professional basis. These two major players in the French insurance and reinsurance industry have been around for many years. We have decided to renew our relationship based on the trust and mutual support we have enjoyed. “
The settlement agreement means that neither side accepts liability, the implementation of an orderly withdrawal by Covéa from SCOR’s share capital, the restoration of peaceful relations “to move forward”, and the allotment share retrospective treaty. Outlines the implementation.
As part of the peace agreement, the reinsurance relationship between Covea and SCOR will be resumed and all legal action by both sides will be immediately withdrawn. In addition, mutual seven-year non-slandering obligations have been agreed, and Covéa has also paid SCOR a compensation settlement of € 20 million.
“Covéa and SCOR firmly believe that this series of actions opens a new period of trust for the benefit of both parties, their stakeholders, and more generally the insurance sector of the French and Paris markets.” Said in a joint release. ..
“The Board of Directors of Covéa and SCOR, which met on June 9 and 8, 2021, approved the gist of the signed settlement agreement. [on June 10] Among Covéa SGAM, Covéa Coupérations, and SCORSE in front of the Vice President of ACPR. “
Covéa, SCOR solves the problem to “open a new period of trust”
Source link Covéa, SCOR solves the problem to “open a new period of trust”