French reinsurer CCR Re has sponsored the sixth renewal of its reinsurance sidecar vehicle, 157 Re 24.
According to the firm, access to the insurance-linked securities (ILS) market is an important part of its retrocession strategy, and despite another tight retrocession market this year, it still managed to take full advantage of its 157 Re platform to consolidate its “growth trajectory”.
“CCR Re benefits from the renewed confidence of those involved in the previous vintage, including 157 Re’s long-standing partner: Boussard & Gavaudan Investment Management LLP,” the French reinsurer explained.
CCR Re said that it also benefited from the expertise of Gallagher Securities (acting as structuring and placement agent), France Titrisation (acting as management company), BNP Paribas Securities (acting as custodian bank) and the legal advice of Linklaters.
Mathieu Halm, Board Secretary and Chief Retrocession & Alternative Capital Officer, commented, “This sixth generation is testimony of our commitment to an alignment of interest with those of our investors as part of a long-term partnership.”
At a similar time last year, CCR Re sponsored the fifth renewal of its 157 Re 23 sidecar vehicle, increasing the capital raised by over 40% on the previous year despite an “extremely tight retrocession marketplace”.
