Reinsurer Caisse Centrale de Reassurance (CCR) and the State of France have entered into a new agreement to redefine CCR’s primary state delegated roles, essentially clarifying the role of the reinsurer.
The agreement was signed by the Minister of the Economy and Finance, Michel Sapin, and the senior executives of CCR, Pierre Blayau and Bertrand Labilloy – it sets CCR’s objectives in the areas of reinsurance of certain extreme risks, the data collection and modelling of risks and the management of public funds.
The deal outlines the firm’s operating model and structure, laying out principles of national solidarity for reinsurance of natural disasters.
Blayau said; “Following the unbundling of CCR’s market reinsurance activities, the framework of its public reinsurance activities has now been clarified in an effort of transparency and efficiency.”
In addition the deal sets the price and lays out the terms of the State’s guarantee by which CCR benefits for the operation of its public reinsurance activities.
The new agreement has been considered by the European Commission and declared compatible with EC competition law last September.