The guns will first go to the law enforcement agency - they are evidence of a crime. From there, I am sure that they will go back to the original owner who reported the stolen in the first place. The owner would still have good title to them and the police will not be interested in what the Insurance company has to say. As for how the matter will be settled between the insurance company and the insured...
If I understand Topgun's last post correctly, the owner of the guns was involved in a scam to defraud the insurance company. If so, I don't think they will be going back to the owner.
