CCR Re has shared its 2023 Activity Report, highlighting a year marked by substantial growth and strategic enhancements.
The company noted that it is set to progress into 2024 buoyed by favorable market conditions and a strengthened partnership with its shareholders.
In 2023, CCR Re completed a significant transaction involving the acquisition of the company and a concurrent capital infusion by the mutual insurance groups SMABTP and MACSF. This move, the company explained, underscores the reinsurance firm’s promising growth trajectory amid a dynamic market environment.
As a result of the transaction, CCR Re is supported by two financially strong shareholders, positioning it to expand its operations and further bolster its status in the international reinsurance market based in Paris.
Patrick Bernasconi, chairman of the board of directors, emphasized the strategic advances made over the year.
“The newly constituted board of directors, comprised of experts in reinsurance, insurance, and economics, has expressed confidence in the general management to implement its business plan,” he said.
Under the plan, CCR Re aims to achieve the necessary scale and profitability to sustain its growth, differentiate itself from major global reinsurers through unique, innovative services, and maintain robust risk management and control systems.
The company’s chief underwriting officer, Hervé Nessi, also detailed the progress in 2023, attributing it to a mix of organic growth within their portfolio and adjustments in premium rates across their insurance and reinsurance lines.
Nessi reported a significant expansion, particularly in property & casualty insurance in Canada and Latin America, and in the life & health business in Israel and Latin America.
“Our underwriting profile is clear: we are a medium-sized reinsurer, now representing a relevant alternative among ceding companies to the world’s major Tier 2 reinsurers,” Nessi explained.
He highlighted the company’s strategic positioning, not as a market leader, but as a preferred partner for insurers and brokers, valuing long-term relationships over transactional interactions.
Nessi also touched on the challenges facing the industry, such as the rising frequency of natural catastrophes and so-called “secondary perils.” These challenges are prompting a further hardening of the reinsurance market, necessitating adaptations in pricing models and coverage terms to better reflect these emerging risks.
2023 also saw CCR Re continuing its streak of increasing its written premiums and earnings, which Nessi said was a testament to its strict underwriting discipline and the effectiveness of its risk control measures.
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