CCR Re, the French state-owned reinsurer, has sponsored the fifth renewal of its 157 Re 23 sidecar vehicle, increasing the capital raised on the previous year despite an extremely tight retrocession marketplace.
According to the reinsurer, it succeeded in increasing the capital raised by over 40% when compared to 2022, despite the withdrawal of numerous players from the retro space amid challenging market conditions.
CCR Re notes the renewed confidence of those involved in the previous vintage of its reinsurance sidecar, including its longstanding partner, Boussard & Gavaudan Investment Management LLP, as well as the addition of a new investor as the platform remains attractive to a growing pool of funds and institutions.
As a result, CCR Re says that it is further developing a strong relationship with insurance-linked securities (ILS) investors.
Bertrand Labilloy, CCR Re Chairman and Chief Executive Officer (CEO), commented: “The success of this issue confirms our Property Cat underwriting policy and strengthens our strategy of long-term partnerships with financial investors.”
For its fifth sidecar vintage, CCR Re leveraged the expertise of structuring and placement agent, Gallagher Securities, and management company, France Titrisation. Legal advice was provided by Linklaters, while BNP Paribas’ Securities Service business served as custodian bank.