French reinsurer CCR Group reported YE 2020 GWP of EUR 1.9 billion and EUR 90 million in profits

14 April 2021 — Andrei Victor
The French reinsurer CCR Group (CCR - Public reinsurance and CCR Re) delivered FY 2020 aggregate GWP of EUR 1,866 million and EUR 90 million in consolidated net income.

The company's representatives pointed out that the activity of CCR - Public reinsurance was strongly influenced by the Covid-19 pandemic, the French government calling "on CCR to provide reinsurance cover for the portfolios of domestic credit insurers through the Cap, Cap+ and Cap Relais mechanisms, adding EUR 260 million to its gross written premium for the year".

Thus, CCR - Public reinsurance GWP for 2020 came to EUR 1,215 million, up 29% on 2019. At the same time, CCR's net income on a stand-alone basis came to EUR 61 million (vs. EUR 67 million). CCR mentioned that "natural disaster claims were high in 2020, with a major drought affecting a quarter of France and extensive flood damage caused by storm Alex in October. In all, natural disaster losses for the year amounted to EUR 775 million".

At the same time, CCR Re reported net income for the year of EUR 18 million (down from EUR 35 million), while the company's GWP rose 16% to EUR 649 million. CCR Re's combined ratio stood at 103.2% (vs. 98.1%), while cost ratio improved to 4.9% from 5.5%.

"In last year's singularly difficult Covid-19 environment, the CCR Group powerfully demonstrated the quality of its business model. CCR fulfilled its corporate mission by deploying a mechanism to support supplier credit, which plays an important role in fueling the domestic economy, and by providing protection against the financial impacts of natural disasters. CCR Re continued to grow its business, raised new debt and improved its solvency ratio, while also preserving its income despite the losses associated with Covid-19 and the Beirut explosion. It held firm to the trajectory set in the strategic plan, and I would like to congratulate the Chief Executive Officer and his teams for their performance", said the Chairman of the Board, Pierre BLAYAU.

CCR Re is a medium-size reinsurer with a longstanding franchise in traditional property, casualty and life & health reinsurance, as well as in some particular specialty lines (credit, marine, aviation & space, terrorism), in France and abroad.

Its mother company, CCR, is a state-owned reinsurer that provides unlimited covers against natural disasters, terrorist attacks and other extreme risks in France, with the guarantee of the French State (S&P AA rating).

CCR Re is a strategic component of CCR Group which is reflected in its identity, organization and business model. CCR Re enjoys an A rating from S&P with stable outlook.

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