CCR Re holds non-life profitability as GWP jumps 15% in first half 2022

French government-backed reinsurer CCR Re reported a marked improvement in its first half premiums despite the impact of the war in Ukraine and natural catastrophe.

For the first half of 2022, CCR Re’s gross written premiums reached €764 million, an increase of 15% in comparison to the first half of 2021.

The reinsurer “maintained” non-life profitability with a combined ratio of 98.2%, despite the consequences of the war in Ukraine and the severe hailstorms experienced in France in June.

The life technical margin amounted to 3.0% at the same level as in 2021.

Ratings agencies S&P and AM Best have confirmed CCR Re’s rating and a “stable outlook”.

Bertrand Labilloy, chairman and chief executive officer of CCR Re, said: “During the first half of this year, CCR Re has continued with its profitable and diversified growth, both in P&C and in L&H, in line with our ambition to further serve our client’s needs.”