Covéa awarded $488.3m from SCOR settlement as arbitration tribunal upholds 2021 treaties
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The arbitration tribunal under the aegis of the Centre of Mediation and Arbitration of Paris (CMAP) has issued its ruling in the litigation between SCOR and Covéa, awarding the latter $488.3 million in compensation regarding two retrocession treaties concluded on 30 June 2021.
The corporate feud between the French insurance giants originally began in 2018 with a hostile takeover bid, resulting in years of public litigation and criminal trials.
Following a mediated “peace accord” in 2021, the parties entered into treaties providing for the transfer to Covéa of 30% of the Life & Health portfolio held by SCOR’s Irish entities as at 31 December 2020.
However, subsequent disputes over portfolio valuations led to private arbitration proceedings in 2022.
That dispute has now concluded. Yesterday, on 25 June 2026, the arbitration tribunal confirmed the validity of the treaties, which will continue to be performed in accordance with their terms. Still, it was determined that SCOR must pay the multi-million-dollar compensation package to Covéa.
“The Covéa Group takes note of this decision of the arbitration tribunal which awards compensation to Covéa in recognition of a breach by SCOR of its duties towards its counterparty,” Covéa said in a statement.
Meanwhile, SCOR noted that after taking into account provisions, the impact on its net results at Q2 2026 will be approximately €50 million, with no negative impact on its solvency ratio and liquidity position.
SCOR added that it remains fully focused on executing the final year of its Forward 2026 plan, with continued emphasis on balance sheet resilience and disciplined underwriting in a more competitive market.
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