CCR Re turnover jumps 19% despite nat cat impact
French government-backed reinsurer CCR Re’s turnover surged 19% during the first half of the year, despite the impacts of natural catastrophes.
CCR reported a turnover of €907 million, an increase of 19% compared to the first half of 2022.
The reinsurer improved its profitability in the non-life business with a combined ratio of 94.6%, down by more than 3 points in comparison to the first half of 2022.
This was achieved despite the effects of the earthquake in Turkey, the floods in Italy in May and the violent storms experienced in France in June, management noted.
The life margin, however, was 2.2%, slightly down on the first half of 2022, due to a strengthening of reserves.
CCR Re secured rating affirmations in the first half from S&P and AM Best: “A with a stable perspective.”
Bertrand Labilloy (pictured), CCR Re’s CEO, said: “The results as of June 2023 reflect the quality of our renewals that took place 1st of January and 1st of April. They reflect the relevance of our underwriting policy which has remained unchanged. CCR Re continues on its profitable growth path with a 20% increase in its capital base.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
