Organic growth catapults CCR Re to ~€840m in premiums at 1.1 renewals
France-based reinsurer CCR Re has underwritten almost €840 million of premiums at the recent January renewals, an increase of 11% at constant exchange rates in comparison to last year.
More than half of this increase came from organic growth, the company said. 45% from new client contracts and 55% from increased business with existing clients.
“CCR Re took advantage of the slightly tougher reinsurance rates, the adaptation of coverage structures and the increase in primary rates,” management claimed.
In non-life reinsurance, the number of premiums issued increased by 17% in comparison to 2023, growing from €530 million to €620 million.
Within the speciality lines, the total amount of premiums grew by 25% from €60 million to over €75 million. CCR Re said it continued targeting a better balance between all the sectors and benefiting from the increase in insurance rates within proportional coverage.
Life & health reinsurance represented approximately 25% of CCR RE's overall portfolio. “The revenue is stable with the priority placed on profitability,” management claimed.
CCR Re chief underwriting officer, Hervé Nessi, commented: “These renewals proved less surprising than in 2023. The market seems to have reached a certain consensus accepting the idea that insurers, by retaining more risks, will be able to bear the increasingly frequent medium-sized claims whilst reinsurers will focus on their original business covering more rare but larger scale incidents.”
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