French state-owned reinsurer CCR Re has announced the successful renewal of its 157 Re collateralised reinsurance sidecar for 2021 at an undisclosed size.
With its third annual issuance, the sidecar has all of its assets invested in bonds issued by the European Bank for Reconstruction and Development (EBRD).
According to CCR Re, this is the first time that a sidecar has leveraged EBRD bonds, and is part of an ongoing plan for 157 Re to meet as many ESG criteria as possible.
The size of the renewal has not been disclosed, but the firm states that Boussard & Gavaudan Investment Management LLP (BGIM) increased CCR Re’s property cat risks underwriting capacity on a worldwide basis.
The company notes that this third renewal strengthens its relationship with BGIM, which acts as an anchor investor for the sidecar transactions, with BGIM having “renewed their confidence in CCR Re and its underwriting policy.”
CCR Re’s Chairman and Chief Executive Officer (CEO), Bertrand Labilloy, commented: “We welcome the renewal and evolution of 157 Re as part of CCR Re’s development that demonstrate again its innovative spirit.”
The renewal of CCR Re’s reinsurance sidecar for 2021 was supported by investors, alongside the expertise of Willis Re Securities as structuring and placement agent, France Titrisation as management company, BNP Paribas Securities Services as custodian bank, and Linklaters as transaction counsel.