French reinsurer CCR Re to become Arundo Re from January

French reinsurer CCR Re has announced that on January 16th, 2025, its name will officially change to Arundo Re, roughly 18 months after a consortium comprised of SMABTP and MACSF completed the acquisition of a majority shareholding in the firm.

Founded in 2016, CCR Re was established to take over the reinsurance activities of public-sector reinsurer CCR, and commenced operations at the January 1, 2017, treaty renewals and with the transfer of CCR’s open market portfolio.

Over the years, the reinsurer has expanded and in early 2023, it was revealed that CCR entered into exclusive negotiations with SAMBTP and MACSF to transfer control of CCR Re and increase its capital by €200 million.

In July of last year, the transaction completed and the two majority shareholders simultaneously subscribed to the capital increase, resulting in a holding of 75% of CCR Re’s capital, with CCR holding a share of 25%.

For 2023, the reinsurer produced a combined ratio of 96.6% in spite of elevated natural catastrophe losses, and exceeded the €1 billion sales milestone.

The strong performance continued into 2024, with CCR Re generating turnover of €970 million for the first half of the year, and the reinsurer emphasised that efforts which began at the start of the year and throughout the summer enabled it to “virtually complete” its autonomy from CCR.

In light of this, both S&P and AM Best confirmed the reinsurer’s ratings as “A” with a stable outlook.

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