Covéa Awarded $488.3 Million in CMAP Arbitration Against SCOR
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TL;DR
- CMAP tribunal awarded Covéa $488.3 million in arbitration against SCOR.
- Ruling concerns two retrocession treaties from June 2021.
- Tribunal found SCOR breached precontractual and contractual information obligations.
- Treaties remain valid and will continue after compensation.
Overview
On June 25, 2026, an arbitration tribunal under the Centre of Mediation and Arbitration of Paris (CMAP) issued a decision awarding Covéa $488.3 million from SCOR. The dispute related to two retrocession treaties signed in June 2021 between the French insurance groups.
What Happened
The arbitral tribunal convened under CMAP rendered its award on June 25, 2026, in the dispute between Covéa and SCOR.
The case arose from two retrocession treaties signed on June 30, 2021, which followed a mediated 'peace accord' after years of prior litigation and conflict.
Covéa argued that SCOR had breached both contractual and precontractual obligations to provide information regarding the transfer of a significant insurance portfolio.
The tribunal found SCOR liable for these breaches and ordered SCOR to compensate Covéa by waiving claims against Covéa totaling $488.3 million through December 31, 2025.
After this indemnity, the retrocession treaties will continue to be performed according to their original terms.
Context
The dispute stems from longstanding tensions between Covéa and SCOR, notably a failed takeover bid in 2018 and subsequent legal actions.
The parties entered into the disputed retrocession treaties in 2021 to facilitate Covéa's acquisition of a share of SCOR's Life & Health portfolio held by Irish entities.
Valuation disagreements and information disputes led to the present arbitral proceedings starting in 2022.
SCOR estimates the net impact of the award at approximately €50 million, noting it will not affect the company's solvency or liquidity.
Why It Matters
- This award resolves years of commercial conflict between two major European (re)insurance groups.
- The arbitral decision confirms the enforceability of negotiated treaties after mediated dispute resolution.
- It clarifies the consequences of failing to meet information duties under complex reinsurance arrangements.
- The finality of the award supports continued business relations between the parties under the validated treaties.