CCR Re publishes exercise report for full yr

CCR Re has shared its 2023 Exercise Report, highlighting a yr marked by substantial development and strategic enhancements.

The corporate famous that it’s set to progress into 2024 buoyed by favorable market situations and a strengthened partnership with its shareholders.

In 2023, CCR Re accomplished a big transaction involving the acquisition of the corporate and a concurrent capital infusion by the mutual insurance coverage teams SMABTP and MACSF. This transfer, the corporate defined, underscores the reinsurance agency’s promising development trajectory amid a dynamic market setting.

Because of the transaction, CCR Re is supported by two financially robust shareholders, positioning it to develop its operations and additional bolster its standing within the worldwide reinsurance market primarily based in Paris.

Patrick Bernasconi, chairman of the board of administrators, emphasised the strategic advances remodeled the yr.

“The newly constituted board of administrators, comprised of specialists in reinsurance, insurance coverage, and economics, has expressed confidence within the normal administration to implement its marketing strategy,” he mentioned.

Below the plan, CCR Re goals to realize the required scale and profitability to maintain its development, differentiate itself from main international reinsurers via distinctive, revolutionary providers, and preserve strong danger administration and management techniques.

The corporate’s chief underwriting officer, Hervé Nessi, additionally detailed the progress in 2023, attributing it to a mixture of natural development inside their portfolio and changes in premium charges throughout their insurance coverage and reinsurance strains.

Nessi reported a big enlargement, significantly in property & casualty insurance coverage in Canada and Latin America, and within the life & well being enterprise in Israel and Latin America.

“Our underwriting profile is obvious: we’re a medium-sized reinsurer, now representing a related various amongst ceding firms to the world’s main Tier 2 reinsurers,” Nessi defined.

He highlighted the corporate’s strategic positioning, not as a market chief, however as a most popular associate for insurers and brokers, valuing long-term relationships over transactional interactions.

Nessi additionally touched on the challenges going through the trade, such because the rising frequency of pure catastrophes and so-called “secondary perils.” These challenges are prompting an extra hardening of the reinsurance market, necessitating variations in pricing fashions and protection phrases to higher mirror these rising dangers.

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