SCOR AND COVéA COMPLETE LIFE REINSURANCE DEAL

Scor and Covéa have completed the life retrocession treaties as set out under their recent settlement agreement. Last month, Covéa and Scor reached an agreement ending a dispute that started with Covéa’s failed hostile bid for the French reinsurer in 2018. The agreement included a new retro reinsurance arrangement, whereby Covéa will underwrite, and Scor will cede, 30% of all in force business carried by Scor’s Irish life entities as of December 31, 2020. Scor also agreed to transfer, as of January 1, 2021, 30% of all future premiums, commissions, claims and expenses in respect of this business to Covéa. In return, the insurer agreed to pay Scor a purchase price of $1bn. On Thursday, Scor and Covéa confirmed that the life retrocession treaties had been executed.