CCR transfers its reinsurance activities to new entity

CCR, a public-sector reinsurer operating in France, has transferred its open market reinsurance activities to a newly created entity, CCR Re, effective January 1, 2017.

CCR will retain its public reinsurance activities backed by a State guarantee, which include natural disaster reinsurance.

CCR Re will be supported by its own resources and governance system, and will develop an autonomous strategy to meet the needs of its clients.

Furthermore, S&P Global Ratings has issued CCR Re an A- rating with a stable outlook.

Pierre Blayau, chairman of CCR, commented: "The launch of CCR Re is a major milestone in CCR's history. It marks the shared determination of Bertrand Labilloy (chief executive officer) and myself to further the development of the company so as to maintain the highest quality of service to our clients while guaranteeing our shareholder high profitability and capital security".