Posted on Nov 8, 2020 at 7:30 a.m.Updated Nov 8, 2020, 3:21 PM
This is an important step in the battle that two personalities from the French insurance sector have been waging for more than two years. Seized by the reinsurer Scor, which has initiated a civil liability action against the mutualist Covéa, the Paris commercial court will render a first decision on the merits on Tuesday. He will say whether or not the group chaired by Denis Kessler suffered in the summer of 2018 from the group and its CEO Thierry Derez and whether it should be compensated.
Comprised of several components, including a criminal one, the conflict between Scor and Covéa, known for its MAAF, MMA and GMF brands, caused a stir, and embarrassed the place of Paris. To the point that in the spring of 2019, the supervisory authorities had tried, in vain, to sign a peace of the brave between the two enemy brothers. The case, which has splashed with renowned investment banks, raises in particular the question of the obligations of directors and their management of possible conflicts of interest. It could weaken the management of the Covéa group, whose governance is also in the sights of the regulator.