Arundo Re has had its Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of 'a' (Excellent) affirmed by AM Best, with a stable outlook on both ratings. The rating action, published on July 8, 2026, is the first since the France-based reinsurer completed its rebrand from CCR RE in January 2025 - and the performance metrics behind it demonstrate that the company has navigated a complete ownership transfer, a €200 million capital injection and a full corporate rebrand while continuing to improve profitability and maintain balance sheet strength.
Arundo Re adopted its current name in January 2025 after trading as CCR RE since the company's formation in 2016. CCR RE was established to take over the commercial reinsurance activities of Caisse Centrale de Réassurance, France's state-backed reinsurer. The rebrand followed a 2023 ownership transfer to a consortium led by SMABTP and MACSF, which injected €200 million of new capital. The company has been profitable in every year since its creation as a stand-alone entity, with earnings from both underwriting and investment activities throughout the ownership transition period.
The return on capital trajectory is the most analytically significant performance observation. The five-year average return on capital and surplus to 2025 was 9.5%, rising to 12.5% in 2025 - an improving trend through a period of structural change that would typically create financial and operational drag. Net written premium grew at an average annual rate of 16.7% over the five years to 2025, with nine consecutive years of double-digit growth. The most recent year's 5.5% growth rate sits below the five-year average, a moderation that may reflect deliberate portfolio discipline at a point of market cycle softening rather than a demand-side constraint - though the data alone does not resolve the distinction.
Arundo Re's 2024 full-year results showed a combined ratio of 94.7%, down from 96.6% a year earlier, with a net profit of €64 million. The solvency ratio stood at 211% at year-end 2024, up from 208%. The company operates across 103 countries and faced natural catastrophe losses in Canada during 2024 including wildfires, hailstorms and flooding.
AM Best assessed balance sheet strength as very strong, with the Best's Capital Adequacy Ratio at the strongest level. The BCAR includes partial credit for the company's subordinated debt, alongside low reinsurance dependence and conservative reserving practices. The debt-to-capital ratio stood at 15.5% at year-end 2025, with strong interest coverage. The investment portfolio was characterised as liquid and of good quality. AM Best assessed operating performance as adequate, enterprise risk management as appropriate and the business profile as neutral, attributing the neutral characterisation to the company's established presence in the international reinsurance market and its diversified underwriting portfolio spanning traditional property and casualty, life and health, and specialty lines including credit, marine, aviation, space and agriculture. Internal capital generation has supported balance sheet strength through the period of rapid premium growth since formation.
