CCR Re targets Asia and Middle East growth following €200mn capital injection
Asia and the Middle East will represent the main growth drivers for CCR Re in the near term, as the recently acquired reinsurer seeks to deploy its €200mn ($215mn) capital injection.
CEO Bertrand Labilloy told The Insurer TV the carrier saw longer-term growth opportunities in South America and Sub-Saharan Africa, where it was currently developing new relationships.
Labilloy was speaking following the recent completion of CCR Re’s acquisition by a consortium consisting of mutual insurers SMABTP and MACSF.
Under the transaction, which valued CCR Re at close to €1bn, the mutual insurers also completed a capital injection of €200mn into the reinsurer, fully financed by the consortium.
This resulted in a holding of 75 percent of the reinsurer’s capital, with state-backed nat cat reinsurer CCR maintaining a share of 25 percent.
Labilloy said CCR Re will continue to operate with complete autonomy under its new ownership, with a ‘Chinese wall’ in place with its parent companies to ensure confidentiality around client information.
On the new capital, Labilloy said: “We will deploy it widely, giving priority to our best clients that we work with across the board and long term.”
The reinsurer reported a first-half combined ratio of 94.6 percent, a 3 percentage point improvement from H1 2022.