CCR Re enjoys steady growth on back of expertise

Cedants are turning to CCR Re because of its technical expertise and quick response to inquiries, Laurent Montador, deputy chief executive, CCR Re, told Monte Carlo Today.

The French reinsurer, formed in January 2017 when its parent, French-government backed CCR, split its open market reinsurance activities into a new subsidiary, has enjoyed strong growth since its launch, which Montador said has been generated by a mixture of doing more for existing clients and gaining new ones.

For the first half of 2018, it posted premium income of €381 million ($440 million), a 12 percent increase on the same period a year earlier, and net profit of €17 million ($19.6 million), equal to its profit for the whole of 2017. Montador said this profit came after CCR significantly strengthened its reserves.

“We have gained a number of new clients, partly through brokers, which we value, and partly by working directly with cedants,” he said. “One of our attractions is that we are extremely quick in how we respond because of how we are organised. We also offer a good franchise, good technical expertise and good people.”

Montador sees particular opportunity for further growth in Asia and in life reinsurance business. He noted that the company is also increasingly diversifying its portfolio away from peak zone catastrophe business. However, he stressed, its expertise in some areas of catastrophe risk modelling is second to none, and some clients seek its input for complex risks.

He believes the company, since being spun out of CCR, is succeeding in distinguishing itself from being seen as intrinsically associated with the French government.

“People see us as CCR Re with our own dedicated resources and growing in our own right,” he concluded.