CCR Re enjoys strong growth in 1H 2018
CCR Re has enjoyed strong growth since it was launched in January 2017. For the first half of 2018, it posted premium income of €381 million, a 12 percent increase on the same period a year earlier, and net profit of € 17 million, equal to its profit for the whole of 2017.
CCR Re was formed in January 2017 when its parent, French-government backed CCR, split its open market reinsurance activities into a new subsidiary.
The company said its growth was due to newly signed business contracts representing 16 percent of the portfolio.
Its combined ratio was 99.8 percent as of June 30, 2018 compared to 104.9 percent at year-end 2017. It said the improvement was the result of a newly implemented action plan aimed at increasing business diversification and short-term profitability.
CCR Re's Life technical margin is stable at 6.8 percent at June 30, 2018. The market value of CCR Re assets amounts to €2.3 billion which is also stable.
Its parent company, CCR, posted premium income stands at €898 million at June 30, 2018. It said its public reinsurance activities, which is chiefly by its Natural Disaster activity, are stable.
CCR was hit by a series of significant natural disaster events in the last 12 months including the floods consecutive to Storm Eleanor (September 4 and 5), the floods occurring in the Seine and Marne basins (January-February 2018), and the violent storms of last spring. These events represent an estimated cost of € 262 million to CCR.
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