CCR Re posts 88.8% CR as H1 top line nears €1bn

CCR Re has reported a 7 percent jump in turnover to €970mn ($1.08bn) for the first half of 2024, as the Paris-based reinsurer hailed the near-completion of its breakaway from former parent CCR.

The reinsurer – which in July last year completed its separation from state-backed CCR – reported a combined ratio 88.8 percent in H1, an improvement of 6 percentage points year on year.

CCR Re said this improvement was mainly driven by a lack of major natural disasters compared with the prior year.

The results are the first half-year financials to be reported by the reinsurer following the completion of its acquisition by a mutual consortium consisting of SMABTP and MACSF.

The deal valued the previously state-owned firm at close to €1bn and included a capital injection of €200mn into CCR Re from its new owners to spur growth.

In its half-year results published on Thursday, CCR Re said that the work started in the first half of the year and throughout the summer has enabled the carrier to “virtually complete” its autonomy from CCR.

As such, S&P and AM Best have confirmed CCR Re’s rating as “A with a stable outlook”, in line with its level of solvency and prudent risk management practices in terms of provisioning, retrocession and asset management.

Bertrand Labilloy, CCR Re’s CEO, stated: “The first-half results confirm CCR Re’s strategy of profitable growth, underpinned by our strong underwriting discipline. This is illustrated by the quality of renewals on 1 January and 1 April.”

It comes after CCR Re disclosed in February that it had underwritten almost €840mn in premium at the 1 January renewals, an increase of 11 percent at constant exchange rates from the previous year.

The January renewal accounts for around 65 percent of CCR Re’s portfolio.