Reinsurance News

SCOR and Barclays settle dispute

14th June 2021 - Author: Luke Gallin

The dispute between global re/insurer SCOR and British multinational universal bank, Barclays, has reached an end as the pair settled their dispute before the High Court in London on mutually beneficial terms.

SCORSCOR was seeking to sue Barclays in London for breach of confidence when the bank advised the re/insurer’s largest shareholder, Covéa Group, on its failed takeover attempt in 2018.

At the time, SCOR said that Barclays had obtained from Covéa information that was highly confidential and sensitive.

It’s understood that SCOR was looking for an injunction to restrain the use of confidential company information, alongside a declaration that Barclays acted in breach of confidence.

The information is supposed to have been supplied by Thierry Derez, who sat on SCOR’s Board until November 2018, when he was forced to resign due to the controversy surrounding the rejected deal.

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Last week, the saga between SCOR and Covéa seemingly came to an end with the pair announcing a renewed relationship built on trust and mutual support.

Now, as the re/insurer moves on from the takeover fight, it’s also reached a settlement with Barclays.

“In consideration of certain commitments by Barclays and SCOR, the parties have settled the dispute before the High Court in London on mutually acceptable terms,” says a statement from SCOR.

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