French state-owned reinsurer, CCR Re, has announced the successful renewal of its collateralised reinsurance sidecar, 157 Re, for 2022 despite a constrained retrocession market.
This is the fourth time CCR Re has sponsored its 157 Re sidecar and this year, the company succeeded in raising 22% more capital than in 2021.
The growth in capital for the collateralised reinsurance sidecar comes in spite of challenging retro market conditions at the January 1st, 2022, renewals, characterised by a notable decline in capacity offered.
CCR Re says that the success of its latest renewal is proof that investors are becoming more interested in the CCR Re Property Cat portfolio.
The reinsurer attributes this to the renewed confidence of Boussard & Gavaudan Investment Management LLP, which has renewed its capacity for the fourth consecutive year. Additionally, 157 Re welcomed a new investor for 2022 to support its growth.
“We welcome the growth and expansion of 157 Re’s investor’s basis. It confirms our Property Cat underwriting policy and strengthens our strategy of long-term partnership and alignment of interests with investors,” said Bertrand Labilloy, Chairman & Chief Executive Officer (CEO).
CCR Re adds that within this operation it has benefited from the support and the expertise of its structuring and placement agent, Willis Towers Watson Securities Europe Limited, the management company France Titrisation, the custodian bank BNP Paribas Securities Services, and the legal advices of Linklaters.