More than eight years after the World Trade Centre disaster, French reinsurer Scor has finally agreed to settle a dispute with Allianz over its 2007 settlement with the centre’s developer, Larry Silverstein.

The insurance policy for the centre was still in the process of negotiation when the September 11 2001 attacks happened, leading to years of court battles as Mr Silverstein fought a host of insurers who had used a variety of wordings.

Scor will now pay around €39 million ($63 million) to settle the claim.

The dispute dates back to May 2007, when seven major insurers agreed to a $US2 billion ($2.18 billion) settlement. They were bound by a wording devised by Travelers Insurance, which was eventually settled on the agreement that the attacks were two separate events.

Scor challenged the Travelers’ wording settlement, claiming the reinsurance agreement it had with Allianz Global Risks went beyond the contract commitment.

A New York court had earlier found that the insurers who were bound by the wording of broker Willis were liable only for one event.