French reinsurer Caisse Centrale de Reassurance (CCR) today revealed that its state-backed subsidiary, CCR Re, is fully funded and commenced operations from the 1st of January, 2017.
The subsidiary was established from January 1st with treaty renewals and the transfer of CCR’s open market portfolio.
Chairman and Chief Executive Officer (CEO) of CCR Re, Bertrand Labilloy, said; “An important step in the history of CCR has been taken, and in the right direction.
“By achieving this complex operation in only a few short months, the teams at CCR and CCR Re demonstrated a high degree of professionalism and efficiency while confirming the trust that our clients place in us.”
Ratings agency A.M. Best assigned CCR Re an A rating with a stable outlook, while Standard & Poor’s (S&P) confirmed the preliminary rating it had assigned the entity, being A- with a stable outlook.
CCR Re conducts reinsurance operations in sixty countries in the life, property and casualty, & specialty lines and in 2016 should record around €440 million in pro forma gross written premiums, and more than €760 million in capital measured using Solvency II metrics, explained CCR Re.