CCR remains a minority partner with a 25 per cent stake in the reinsurer. The deal allowed CCR to help make CCR Re fully autonomous and to implement an industrial and social project. CCR has a put option and would be able to sell its residual interest in 2026
Paris: Paris-based CCR Re has announced that it is changing its name to Arundo Re from January 16, 2025.
Work started in the first half of the year to “virtually complete” its autonomy from CCR, the carrier said recently.
In the first half of 2024, turnover was stable for its life business and increased 9% for the nonlife segment, to a combined €970 million ($1.08 billion).
The nonlife combined ratio improved to 88.8 in the first half of the year from 94.6 a year earlier, which the company attributed mainly to a lack of major natural catastrophes.
“Strong underwriting discipline” in first-half results was evident in the quality of renewals at CCR Re on Jan. 1 and April 1, Chief Executive Officer Bertrand Labilloy said in a statement.
In July 2023 a consortium made up of Société Mutuelle d’Assurance du Bâtiment et des Travaux Publics and Mutuelle d’Assurance du Corps de Santé Français acquired a majority of CCR Re.
CCR remains a minority partner with a 25 per cent stake in the reinsurer. The deal allowed CCR to help make CCR Re fully autonomous and to implement an industrial and social project. CCR has a put option and would be able to sell its residual interest in 2026.
Earlier this year, AM Best affirmed CCR Re’s Best’s Financial Strength Rating of A (Excellent) and long-term Issuer Credit Rating of “a” (Excellent) (BestWire, July 10, 2024).
“CCR Re’s balance sheet strength assessment reflects its risk-adjusted capitalization being at the strongest level, as measured by Best’s Capital Adequacy Ratio, supported by internal capital generation,” AM Best said.
“CCR Re has been profitable since its creation as a stand-alone company in 2016, with earnings stemming from both underwriting and investment activities. Since inception, the company has experienced strong growth, with net written premium expanding at an average annual rate of 21% for the five-year period ending in 2023,” said AM Best. (UK) LLP.