CCR Re’s turnover rises 7% to €970m in H1’24

French reinsurer CCR Re has announced turnover of €970 million for the first half of 2024, up 7% year-on-year at current exchange rates, as the firm’s non-life business performance improved.

For CCR Re’s life business, turnover was stable in H1 2024 when compared with the prior year, while non-life saw an increase of 9%.

The reinsurer’s non-life business saw its profitability improve by more than 6 percentage points in H1 2024 when compared with H1 2023, achieving an undiscounted combined ratio of 88.8%.

CCR Re attributes the stronger combined ratio to the lack of major natural disasters in the period.

According to the company, efforts which began in the first of the year and throughout the summer have enabled it to “virtually complete” its autonomy from CCR.

As a result, both S&P and AM Best have confirmed the reinsurer’s ratings as “A” with a stable outlook, which reflects its level of solvency, and prudent risk management practices in terms of provisioning, retrocession, and asset management.

“The first-half results confirm CCR Re’s strategy of profitable growth, underpinned by our strong underwriting discipline. This is illustrated by the quality of renewals on 1st January and 1st April,” said Bertrand Labilloy, CCR Re’s CEO.

Today’s results follow a solid performance in 2023 for CCR Re, during which the firm reported a 2.1 percentage point improvement in its combined ratio despite elevated natural catastrophe losses.

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