28 February 2017News

French government and CCR sign new deal that clarifies role of reinsurer

The State of France and the French government-backed reinsurer Caisse Centrale de Réassurance (CCR) have signed a new agreement that redefines the role of the company.

The new agreement was signed by the Minister of the Economy and Finance, Michel Sapin, and the senior executives of CCR including Pierre Blayau and Bertrand Labilloy.

The agreement defines the general interest missions delegated to CCR by the state including the reinsurance of certain extreme risks, the data collection and modeling of risks and the management of public funds.

The agreement also stipulates the conditions for the achievement of these missions, in particular the reinsurance of natural disasters based on the principle of national solidarity.

Lastly, it sets the price and lays out the terms of the State’s guarantee by which CCR benefits for the operation of its public reinsurance activities.

Blayau said: “Following the unbundling of CCR’s market reinsurance activities, the framework of its public reinsurance activities has now been clarified in an effort of transparency and efficiency.”

This new agreement, and more generally the reinsurance by CCR of natural disasters with the guarantee of the State, was submitted for consideration to the European Commission which declared it compatible with EC competition law in September 2016.

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24 January 2017   CCR Re, the French government backed reinsurer formed last year to manage the open market reinsurance activities of parent CCR, has appointed Patrick Cerceau, Charles Levi and Antoine Mantel to its board of directors.
9 January 2017   CCR, the French government backed reinsurer, has now formally unbundled its open market reinsurance activities into its new subsidiary CCR Re, which commenced operations on January, 2017.
26 April 2017   Higher levels of catastrophe losses pushed profits at French government-backed reinsurer CCR down in 2016 but the company enjoyed some healthy growth largely driven by it writing more business in the open reinsurance market via the newly-created CCR Re.