DES EXPERTS DE CONFIANCE - CCR
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DES EXPERTS DE CONFIANCE
FAITS MARQUANTS
Management expérimenté
Bertrand Labilloy Laurent Montador
Président Directeur
et Directeur Général Général Délégué
Patrick Delalleau
Hervé Nessi Chrystelle Busque Directeur
Directeur Directrice du Développement
Souscription Financière Commercial
Jérôme Isenbart
Directeur Isabelle Bion
de l'Actuariat Directrice
et des Risques des Opérations
Historique
Développement de la Structuration de l'entreprise :
réassurance de marché CCR devient Société
en parallèle des activités Anomyne de réassurance
de réassurance publique relevant de la réglementation
(risques de guerre, risque Solvabilité 2.
nucléaire et terrorisme).
1946 1982 2017
Création de la Caisse Centrale Publication de la loi sur Création de CCR Re,
de Réassurance, le système d'indemnisation filiale entièrement
une entreprise publique des catastrophes naturelles détenue par CCR,
habilitée à faire des en France dans lequel CCR, dédiée aux activités
opérations commerciales en tant qu'acteur majeur, offre de réassurance de
une réassurance illimitée marché.
avec la garantie de l'État.
STRATÉGIE
Laurent Montador, Bertrand Labilloy,
Directeur Général Délégué Président-Directeur Général
Après sa création en fin 2016, puis une année réussie en 2017, CCR Re a
poursuivi sa forte croissance, dépassant la grande majorité de ses
objectifs. Qui plus est, le chiffre d'affaires 2018 est en hausse de 17%
à 464 millions d'euros, dont 20% d'affaires nouvelles. Les processus
sont repensés avec l'introduction de l'intelligence artificielle dans
l'analyse de souscription, permettant aux experts de se concentrer sur
les tâches à valeur ajoutée et la gestion de la relation client. Ainsi, de
nouveaux postes sont créés et des profils internationaux rejoignent
l'entreprise, ce qui fait de CCR Re une équipe multiculturelle.
La souscription est étendue à de nouveaux marchés, notamment en
Amérique latine, en Afrique subsaharienne et dans la région de l'océan
Indien. Parallèlement, des outils innovants sont mis en place avec le
premier sidecar de droit français, qui sera renouvelé. De nouveaux
services viendront compléter l'offre avec des propositions à haute
valeur ajoutée.
www.ccr-re.com
PROFIL
CCR Re est un réassureur de taille moyenne, avec une présence de longue date
en France et à l’international, dans les branches traditionnelles dommages
aux biens et responsabilité civile, vie et santé, ainsi que dans certaines
branches de spécialités (crédit, marine, aviation, spatial, agro). CCR, sa maison
mère, est un réassureur public qui propose sur le marché français et avec la
garantie de l’État, des couvertures illimitées contre les catastrophes naturelles,
les actes de terrorisme et d’autres risques extrêmes. L’identité, l’organisation
et le modèle économique de CCR Re témoignent de son appartenance au
groupe CCR. CCR Re bénéficie d'une notation S&P A - avec perspective
positive.
De par sa culture, CCR Re privilégie une gestion financière robuste et
conservatrice, mais aussi une politique de souscription des risques stable
qui répond aux besoins de ses clients. La diversité de son portefeuille de
souscription et d’investissements, sa politique de provisionnement prudente,
la protection de son bilan et de ses résultats contre les risques de pointe, sa
gouvernance, son organisation et son système de contrôle interne confortent
la solidité de CCR Re.
CCR Re offre à ses clients un service de qualité, compétitif, sur-mesure et
innovant en lien avec ses objectifs de solvabilité et de rentabilité. La proximité
et la stabilité des relations, l’écoute attentive et la compréhension fine des
besoins, la rapidité et la fermeté des réponses apportées, l’esprit de
partenariat sur le long terme constituent la signature de CCR Re.
Les professionnels hautement qualifiés et expérimentés de CCR Re couvrent
plus de 15 langues. Ce sont des experts de confiance sur qui vous pouvez
compter.
www.ccr-re.com
CHIFFRES CLÉS
2019 (en millions d'euros)
5 62 Chiffre d'affaires brut (+21 %)
98,1 % Ratio combiné net
5,2 % Marge technique Vie
56 Résultat courant avant provision pour égalisation (+23 %)
35 Résultat net
185 % Ratio de Solvabilité
Sensibilité du ratio de solvabilité 2
ZONE OPTIMALE
0% 180 % 220 %
Ratio de solvabilité 2019 185 %
MARGE DE SOVABILITÉ APRÈS CHOC
Choc de -100bps de taux d'intérêts + écart de taux 152 %
Choc de +100bps de taux d'intérêts + écart de taux 215 %
USD +15 % 184 %
USD -15 % 187 %
Hausse des provisions techniques de 3% pour couvrir 172 %
le risque centennal de sous-provisionnement
Choc de -10% sur l'immobilier 178 %
Choc de - 25% sur les actions 179 %
Chocs CAT bicentennal 173 %
Notation
S&P A A M B EST A
perspective stable perspective stable
www.ccr-re.com
R ÉPARTITION DU CHIFFRE D'AFFAIRES
2019
Par pays
6% 8% 1%
9% ASIE
19 %
10 % Chiffre EUROPE Chiffre
d'affaires 35 % FRANCE d'affaires 39 %
Non-Vie MENA Vie
19 % 61 % CANADA 39 %
AUTRES 33 %
21 %
Par branche
5 % Risques agricoles 1 % Autres
7 % Dépendance
6 % Transport
42 % Dommages
6 % Financier
Chiffre Chiffre
d'affaires d'affaires 21 % Santé
Non-Vie Vie
345 M€ 22 % Automobile & RC 216 M€
19 % Autres 71 % Prévoyance
Relation client
50 %
25 % 25 %
0 ≥ 8 ans 8 ≥ 14 ans 14≥ 45 ans
www.ccr-re.com
NON-VIE
"Nous intensifions notre présence à l’international
au plus près de vos enjeux."
NON-VIE
François Cahu Andreas Ofner
Directeur Souscripteur Sénior
Royaume-Uni - Irlande Allemagne - Autriche
Pays Nordiques Suisse
fcahu@ccr-re.fr aofner@ccr-re.fr
Georges Modol Robert Zanin
Directeur Souscripteur Sénior
Espagne - Portugal Italie - Benelux
Grèce - Turquie - Israël rzanin@ccr-re.fr
Référent Agricole
gmodol@ccr-re.fr
Hande Yildiz-Fuchs Clémence Michaud
Souscriptrice & Actuaire Souscriptrice & Actuaire
Benelux - Turquie Italie - Portugal
hyildiz-fuchs@ccr-re.fr cmichaud@ccr-re.fr
John Conan Tai-Feng Yang
Directeur Souscripteur
Asie - Afrique Taïwan - Philippines
jconan@ccr-re.fr Hong Kong
tyang@ccr-re.fr
www.ccr-re.com
NON-VIE
Elena Amaral Yang Du
Souscriptrice Souscriptrice
Singapour - Hong Kong Chine - Vietnam
Malaisie - Corée du Sud Cambodge
eamaral@ccr-re.fr ydu@ccr-re.fr
Thierry Ravoaja Jonathan Garellek
Souscripteur Sénior Souscripteur & Actuaire
Afrique Subsaharienne Caraïbes
Inde jgarellek@ccr-re.fr
travoaja@ccr-re.fr
Marie-Claude Poumel Pierre Dionne
Directrice Premier Vice-Président
France & Agent Principal
mcpoumel@ccr-re.fr Canada
pdionne@ccr-re.fr
Florence Corre Robin Darby
Souscriptrice Sénior Souscriptrice Sénior
Québec - Ontario Canada Ouest - Ontario
fcorre@ccr-re.fr rdarby@ccr-re.fr
www.ccr-re.com
NON-VIE
Melissa Plaxton Chadi Abou-Rjeilly
Vice Président Adjoint au Directeur
Canada du bureau
mplaxton@ccr-re.fr de représentation du Liban
Moyen-Orient
Afrique du Nord
cabou-rjeily@ccr-re.fr
Pierre Salameh
Directeur du bureau
de représentation du Liban
Moyen-Orient
Afrique du Nord
psalameh@ccr-re.fr
www.ccr-re.comVIE & SANTÉ
“Nos experts sont à votre écoute pour trouver
ensemble des solutions. Service et proximité
sont au cœur de notre relation.VIE & SANTÉ
Christine Gueyffier Lucas Gahat
Directrice Souscripteur
France France
cgueyffier@ccr-re.fr lgahat@ccr-re.fr
Bo Werkstrom Bertrand Petras
Souscripteur Sénior Souscripteur Sénior
Moyen-Orient Moyen-Orient et
bwerkstrom@ccr-re.fr Afrique du Nord
bpetras@ccr-re.fr
Olivier Collignon Ning Jing Liu
Souscripteur Sénior Souscriptrice & Actuaire
Amérique Latine Asie
Péninsule Ibérique nliu@ccr-re.fr
ocollignon@ccr-re.fr
Samuel Weil Elisabeth de la Villesbret
Actuaire Médecin Chef
Israël edelavillesbret@ccr-re.fr
sweill@ccr-re.fr
www.ccr-re.comSPÉCIALITÉS $
“Nos équipes de spécialistes sont à votre disposition.
Ils vous conseillent dans la recherche de solutions
techniques.”SPÉCIALITÉS $
Maurice Corrihons Antoine Poidatz
Directeur Directeur
Monde Monde
mcorrihons@ccr-re.fr apoidatz@ccr-re.fr
John Lenormand Marthe-Lorraine Manga
Souscripteur Sénior Souscriptrice
Transport et Énergie, Crédit Caution
Terrorisme et & Risques Politiques
Political Violences mmanga@ccr-re.fr
jlenormand@ccr-re.fr
Emilie Le Gal
Souscriptrice
Marine, Aviation
& Spatial, RC, Pollution
elegal@ccr-re.fr
www.ccr-re.comResearch Update:
Reinsurer CCR Re Upgraded To 'A' On Core Group
Research Update:
Status; Parent Affirmed At 'AA'; Outlooks Stable
Reinsurer
May 4, 2020 CCR Re Upgraded To 'A' On Core Group
Status; Parent Affirmed At 'AA'; Outlooks Stable
Overview
May 4, 2020 PRIMARY CREDIT ANALYST
- CCR Re has reported a steady improvement in its technical results over the past two years. It is Olivier J Karusisi
100%-owned by Caisse Centrale de Reassurance (CCR) and we now consider it to be core to the Paris
group, rather than highly strategic. We equalize our ratings on core subsidiaries with the (33) 1-4420-7530
Overview
unsupported group credit profile (GCP)--in the case of CCR group, this is 'a'. olivier.karusisi
PRIMARY CREDIT ANALYST
@spglobal.com
-- Although
CCR Re hasCCR Re andaits
reported parent
steady CCR will suffer
improvement some
in its investment
technical losses
results following
over the past twotheyears.
COVID-19
It is SECONDARY
Olivier CONTACT
J Karusisi
pandemic,
100%-owned webystill expect
Caisse the group
Centrale de to maintain a robust
Reassurance capital
(CCR) and buffer
we now at the it
consider 'AAA' level
to be coreinto the Paris
Marc-Philippe Juilliard
2020-2021,
group, ratherwhile
thanCCR willstrategic.
highly remain supported by a
We equalize state
our guarantee
ratings on corebecause it is awith
subsidiaries provider
the of (33) 1-4420-7530
Paris
unlimited reinsurance
unsupported coverage
group credit profilefor natural the
(GCP)--in catastrophes
case of CCRingroup,
France.this is 'a'. olivier.karusisi
+(33) 1-4075-2510
@spglobal.com
-- We are affirming
Although CCR Re ourand'AA' rating on
its parent CCRCCR
willbased
sufferon its public
some policy losses
investment role and upgrading
following theCCR Re to
COVID-19 m-philippe.juilliard
SECONDARY
@spglobal.com CONTACT
'A' becausewe
pandemic, of its
stillchange
expectin group
the status.
group to maintain a robust capital buffer at the 'AAA' level in
ADDITIONAL CONTACT
Marc-Philippe Juilliard
2020-2021,
- The while CCR
stable outlook will remain
on CCR mirrors supported by a state
that on France guarantee
and the because
stable outlook onitCCR
is aRe
provider
is of
Paris
unlimited reinsurance
supported by the group'scoverage
uniquefor natural
position incatastrophes in France.
the French natural catastrophe insurance market Insurance Ratings Europe
+(33) 1-4075-2510
insurance_interactive_europe
andare
- We its strong capitalization.
affirming our 'AA' rating on CCR based on its public policy role and upgrading CCR Re to m-philippe.juilliard
@spglobal.com
@spglobal.com
'A' because of its change in group status.
ADDITIONAL CONTACT
- The stable outlook on CCR mirrors that on France and the stable outlook on CCR Re is
Rating Action
supported by the group's unique position in the French natural catastrophe insurance market Insurance Ratings Europe
insurance_interactive_europe
and its strong capitalization.
On May 4, 2020, S&P Global Ratings affirmed its 'AA' long-term insurer financial strength and @spglobal.com
issuer credit ratings on Caisse Centrale de Reassurance (CCR) and raised its ratings on CCR Re to
'A' from 'A-'. The outlook for both companies is stable.
Rating Action
On May 4, 2020, S&P Global Ratings affirmed its 'AA' long-term insurer financial strength and
Rationale
issuer credit ratings on Caisse Centrale de Reassurance (CCR) and raised its ratings on CCR Re to
S&P
'A' Global
from 'A-'.Ratings equalizes
The outlook its long-term
for both companiesrating on CCR with the unsolicited long-term sovereign
is stable.
rating on France (AA/Stable/A-1+). We believe the reinsurer shares an integral link with the French
government and that there is an almost-certain likelihood of government support if CCR
Rationale
experiences any financial distress.
CCR'sGlobal
S&P government-guaranteed businesses
Ratings equalizes its long-term are stated
rating by law
on CCR (Insurance
with Code, long-term
the unsolicited Art. 431) and
sovereign
rating on France (AA/Stable/A-1+). We believe the reinsurer shares an integral link with the French
government and that there is an almost-certain likelihood of government support if CCR
experiences any financial distress.
www.spglobal.com/ratingsdirect May 4, 2020 1
CCR's government-guaranteed businesses are stated by law (Insurance Code, Art. 431) and
www.spglobal.com/ratingsdirect May 4, 2020 1Research Update: Reinsurer CCR Re Upgraded To 'A' On Core Group Status; Parent Affirmed At 'AA'; Outlooks Stable
include natural
Research Update:catastrophes,
Reinsurer CCR nuclear, terrorism,
Re Upgraded and otherOn
To 'A' exceptional
Core Grouprisks. The
Status; details
Parent of theAt 'AA'; Outlooks Stable
Affirmed
law's implementation were reaffirmed in an agreement between the government and the company
in 2017. The government has to provide financial assistance to CCR when claims in one accounting
year exceed 90% of the equalization and special reserve built up for this type of business.
include natural catastrophes, nuclear, terrorism, and other exceptional risks. The details of the
The French government recently announced a special plan to aid French businesses, especially
law's implementation were reaffirmed in an agreement between the government and the company
SMEs, to continue their activities and remain afloat despite the uncertainty created by current
in 2017. The government has to provide financial assistance to CCR when claims in one accounting
COVID-19 pandemic. This plan includes setting up a public reinsurance program, guaranteed by
year exceed 90% of the equalization and special reserve built up for this type of business.
the state, for trade credit insurance, to the tune of €10 billion. The government has charged CCR
The
withFrench government
implementing recently We
this scheme. announced
considerathat
special
this plan to aidthe
confirms French businesses,
critical especially
role CCR plays for the
SMEs, to continue
government and fortheir activitieseconomy.
the national and remain afloat despite the uncertainty created by current
COVID-19 pandemic. This plan includes setting up a public reinsurance program, guaranteed by
We consider that CCR Re's prudent underwriting has enabled it to improve its technical
the state, for trade credit insurance, to the tune of €10 billion. The government has charged CCR
results--its net combined ratio stood at 98.1% at the end of 2019. (Lower combined ratios indicate
with implementing this scheme. We consider that this confirms the critical role CCR plays for the
better profitability. A combined ratio of greater than 100% signifies an underwriting loss.)
government and for the national economy.
Furthermore, CCR Re has progressively widened its geographical presence and increased its
We consider that
diversification CCR Re's
between lifeprudent underwriting
and non-life has enabled
lines of business. We it to improve
anticipate itsCCR
that technical
Re may be
results--its net combined ratioclaims
affected by COVID-19-related stood inat2020,
98.1%butat the
if weend
seeofa2019.
global(Lower
economiccombined ratios
recovery, indicate
it could
better profitability.
achieve a combinedAratiocombined
below ratio
98% of greater than 100% signifies an underwriting loss.)
in 2021-2022.
Furthermore, CCR Re has progressively widened its geographical presence and increased its
CCR Re generates business globally, of which most stems from Europe, Asia, Canada, the Middle
diversification between life and non-life lines of business. We anticipate that CCR Re may be
East, and North Africa. Its business contributed approximately 36% of the group's gross premium
affected by COVID-19-related claims in 2020, but if we see a global economic recovery, it could
written in 2019, up from 33% in 2016. Given CCR Re's growing contribution to group business and
achieve a combined ratio below 98% in 2021-2022.
overall strategy, we expect the group to support the subsidiary in times of stress. It has
CCR Re generates
demonstrated thisbusiness globally,
in the past, when CCRof which most stemssignificant
Re experienced from Europe, Asia,CCR
losses. Canada,
Re is the
not Middle
East, and North
state-backed, soAfrica. Its business
the group support contributed approximately
came in the form 36% of the
of reassessment group's gross premium
of exposures.
written in 2019, up from 33% in 2016. Given CCR Re's growing contribution to group business and
CCR Re's close operational and financial integration with the rest of the group further supports our
overall strategy, we expect the group to support the subsidiary in times of stress. It has
assessment of CCR Re's group status. The group's two entities share the same administrative
demonstrated this in the past, when CCR Re experienced significant losses. CCR Re is not
functions and risk management framework. Costs are allocated across CCR Re and the
state-backed, so the group support came in the form of reassessment of exposures.
state-guaranteed business. CCR Re also utilizes both the group's name and logo and is therefore
CCR Re's
closely closetooperational
linked and of
the reputation financial integration
the group. with the
The company hasrest
setof
anthe groupand
internal further supports our
regulatory
assessment
target capitaloflevel
CCRconsistent
Re's groupwith
status.
the The group's
group's two entities
targets. share we
Furthermore, thebelieve
same administrative
the parent would
functions andfunds
downstream risk management framework.
to CCR Re if the subsidiary Costs
failsare allocated
to achieve across CCR
regulatory Re and the
or internal capital
state-guaranteed
targets. Our base casebusiness.
assumesCCRthat
Re also
CCRutilizes
and CCR both
Re the
will group's
maintain name and logo
a robust andbuffer
capital is therefore
at the
closely
'AAA' linked
level to the reputation of the group. The company has set an internal and regulatory
in 2020-2021.
target capital level consistent with the group's targets. Furthermore, we believe the parent would
downstream funds to CCR Re if the subsidiary fails to achieve regulatory or internal capital
Outlook
targets. Our base case assumes that CCR and CCR Re will maintain a robust capital buffer at the
'AAA' level in 2020-2021.
The stable outlook on CCR mirrors the stable outlook on France. This reflects our expectation that
the company will maintain its critical role to and integral link with the French government for at
least the next two years.
Outlook
The stable outlook on CCR Re incorporates our view of the group's stable underlying credit quality
The stable outlook on CCR mirrors the stable outlook on France. This reflects our expectation that
before taking into account government support. As long as we continue to view CCR Re as a core
the company will maintain its critical role to and integral link with the French government for at
subsidiary, the rating on CCR Re will move in tandem with the unsupported group credit profile.
least the next two years.
The stable outlook on CCR Re incorporates our view of the group's stable underlying credit quality
before taking into account government support. As long as we continue to view CCR Re as a core
Downside scenario
subsidiary, the rating on CCR Re will move in tandem with the unsupported group credit profile.
We could lower our ratings on CCR if we were to lower our ratings on France. Although unlikely at
this stage, any indication of a weakening of the company's critical role for or integral link with the
French government might also prompt us to consider lowering the long-term rating on CCR,
Downside scenario
We could lower our ratings on CCR if we were to lower our ratings on France. Although unlikely at
this stage, any indication of a weakening of the company's critical role for or integral link with the
www.spglobal.com/ratingsdirect May 4, 2020 2
French government might also prompt us to consider lowering the long-term rating on CCR,
www.spglobal.com/ratingsdirect May 4, 2020 2Research Update: Reinsurer CCR Re Upgraded To 'A' On Core Group Status; Parent Affirmed At 'AA'; Outlooks Stable
potentially
Research by several
Update: notches.
Reinsurer CCR Re Upgraded To 'A' On Core Group Status; Parent Affirmed At 'AA'; Outlooks Stable
We could lower the ratings for CCR Re if:
- Increased claims severity limited CCR's financial flexibility to support CCR Re in adverse market
potentially by several
conditions, causingnotches.
us to revise downward the unsupported group credit profile.
We could
- CCR lower
Re's the ratings
profitability for CCR Refor
deteriorated if: a prolonged period, causing us revise downward its group
status, or we considered CCR Re's importance to the group's overall strategy had changed.
- Increased claims severity limited CCR's financial flexibility to support CCR Re in adverse market
conditions, causing us to revise downward the unsupported group credit profile.
- CCR Re's profitability deteriorated for a prolonged period, causing us revise downward its group
Upside scenario
status, or we considered CCR Re's importance to the group's overall strategy had changed.
We could raise our ratings on CCR if we took a similar action on the sovereign, and we expected
that CCR would maintain its critical role for and integral link with the French government.
Upside
We could scenario
raise our ratings on CCR Re if we took a similar action on the group, and we expected CCR
Re to maintain its core status within the CCR group.
We could raise our ratings on CCR if we took a similar action on the sovereign, and we expected
that CCR would maintain its critical role for and integral link with the French government.
Ratings Score
We could raise Snapshot
our ratings on CCR Re if we took a similar action on the group, and we expected CCR
Re to maintain its core status within the CCR group.
Ratings Score Snapshot
Ratings Score Snapshot
Business Risk Profile Strong
Competitive position Strong
Ratings
IICRA Score Snapshot Intermediate
Financial Risk Profile
Business Strong
Capital and earnings
Competitive position Excellent
Strong
Risk exposure
IICRA High
Intermediate
Funding
Financial structure
Risk Profile Neutral
Strong
Anchor*
Capital and earnings a
Excellent
Modifiers
Risk exposure High
Governance
Funding structure Neutral
Liquidity
Anchor* Adequate
a
Comparable ratings analysis
Modifiers 0
Additional notches to strengthen or weaken the rating because of parental support or sovereign
Governance 3
Neutral
rating considerations
Liquidity Adequate
Financial Strength Rating AA
Comparable ratings analysis 0
*This is influenced by our view of Caisse Centrale de Reassurance's unique position in the French natural catastrophe market and its strong
Additional notchesstrong
capacity to generate to strengthen or weaken
earnings through the rating because of parental support or sovereign
the cycle. 3
rating considerations
Financial Strength Rating AA
Related Criteria
*This is influenced by our view of Caisse Centrale de Reassurance's unique position in the French natural catastrophe market and its strong
capacity to generate strong earnings through the cycle.
- Criteria | Insurance | General: Insurers Rating Methodology, July 1, 2019
- General Criteria: Group Rating Methodology, July 1, 2019
Related Criteria
- General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March
- Criteria | Insurance | General: Insurers Rating Methodology, July 1, 2019
- General Criteria: Group Rating Methodology, July 1, 2019
www.spglobal.com/ratingsdirect May 4, 2020 3
- General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March
www.spglobal.com/ratingsdirect May 4, 2020 3Research Update: Reinsurer CCR Re Upgraded To 'A' On Core Group Status; Parent Affirmed At 'AA'; Outlooks Stable
25, 2015
Research Update: Reinsurer CCR Re Upgraded To 'A' On Core Group Status; Parent Affirmed At 'AA'; Outlooks Stable
- Criteria | Insurance | Property/Casualty: Assessing Property/Casualty Insurers' Loss Reserves,
Nov. 26, 2013
25, 2015| Insurance | General: Refined Methodology And Assumptions For Analyzing Insurer
- Criteria
Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010
- Criteria | Insurance | Property/Casualty: Assessing Property/Casualty Insurers' Loss Reserves,
Nov. 26, Criteria:
- General 2013 Use Of CreditWatch And Outlooks, Sept. 14, 2009
- Criteria | Insurance | General: Refined Methodology And Assumptions For Analyzing Insurer
Capital Adequacy Using The Risk-Based Insurance Capital Model, June 7, 2010
Ratings List
- General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
Ratings Affirmed
Ratings List
Caisse Centrale de Reassurance
Issuer Credit Rating
Local
Ratings Currency
Affirmed AA/Stable/--
Financial
Caisse Strength
Centrale Rating
de Reassurance
Local
Issuer Currency
Credit Rating AA/Stable/--
Upgraded;
LocalOutlook Action
Currency AA/Stable/--
Financial Strength Rating To From
CCR RE
Local Currency AA/Stable/--
Issuer Credit
Upgraded; Rating
Outlook Action
Local Currency A/Stable/--
To A-/Positive/--
From
CCRFinancial
RE Strength Rating
Local
Issuer Currency
Credit Rating A/Stable/-- A-/Positive/--
Local Currency A/Stable/-- A-/Positive/--
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors,
Financial Strength Rating
have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such
criteria. Please see RatingsA/Stable/--
Local Currency Criteria at www.standardandpoors.com
A-/Positive/-- for further information. A description of each of
S&P Global Ratings' rating categories is contained in "S&P Global Ratings Definitions" at
https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352 Complete ratings
information
Certain termsis used
available to report,
in this subscribers of RatingsDirect
particularly at www.capitaliq.com.
certain adjectives used to express Allour
ratings affected
view on ratingby this rating
relevant factors,
actionspecific
have can be meanings
found on S&P Global
ascribed toRatings' public
them in our website
criteria, andatshould
www.standardandpoors.com. Use the Ratings
therefore be read in conjunction with suchsearch
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Please seeleft column.
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Press Release - JULY 12, 2018
Print This Page
A.M. Best Affirms Credit Ratings of Caisse Related Companies
For information about each company, including the Best's
Centrale de Réassurance and CCR RE Credit Reports, group members (where applicable) and
news stories, click on the company name. An additional
purchase may be required.
CONTACTS: AMB# Company Name
Alex Rafferty, ACA Christopher Sharkey 095025 CCR RE
Senior Financial Analyst Manager, Public Relations 067534 CCR RE CAB
+44 20 7397 0285 +1 908 439 2200, ext. 5159 085834 Caisse Centrale de Reassurance
alex.rafferty@ambest.com christopher.sharkey@ambest.com 088465 Caisse Centrale de Reassurance
084294 Caisse Centrale de Reassurance CAB
Ghislain Le Cam, CFA, FRM Jim Peavy
Director, Analytics Director, Public Relations
+44 20 7397 0268 +1 908 439 2200, ext. 5644
ghislain.lecam@ambest.comjames.peavy@ambest.com
FOR IMMEDIATE RELEASE
LONDON - JULY 12, 2018
A.M. Best has affirmed the Financial Strength Rating (FSR) of
A+ (Superior) and the Long-Term Issuer Credit Rating (Long-
Term ICR) of “aa” of Caisse Centrale de Réassurance (CCR)
(France). Concurrently, A.M. Best has affirmed the FSR of A
(Excellent) and the Long-Term ICR of “a” of CCR RE (France).
The outlook of these Credit Ratings (ratings) is stable.
The ratings of CCR reflect its balance sheet strength, which
A.M. Best categorises as strongest, as well as its adequate
operating performance, favourable business profile and
appropriate enterprise risk management (ERM). The ratings
also consider, in the form of rating enhancement, the explicit
unlimited guarantee provided by the Republic of France to
CCR’s state-backed business.
CCR’s balance sheet strength assessment reflects the
company’s very strong risk-adjusted capitalisation, as
measured by Best’s Capital Adequacy Ratio (BCAR).
Substantial equalisation provisions provide capacity to absorb
the company’s peak exposures to natural catastrophe, terrorism
and other exceptional risks. Furthermore, CCR benefits from a
liquid investment portfolio of good quality assets and a track
record of conservative reserving practices. The support of the
Republic of France, CCR’s ultimate shareholder, which
provides the company with an unlimited guarantee for its public
reinsurance activities, is reflected in the balance sheet strength
assessment and in rating lift.
CCR’s favourable business profile is underpinned by the role
the company plays in the French public reinsurance regime and
its unique position as the principal reinsurer of natural
catastrophe risks underwritten in France with an estimated
market share of approximately 90%. CCR’s market offering of a
50% quota share, supplemented by an optional, unlimited stop
loss treaty, is considered a competitive advantage.
http://www3.ambest.com/ambv/bestnews/presscontent.aspx?altsrc=1&refnum=26816 12/07/2018Page 3 sur 4 Several years of benign catastrophe loss experience have allowed CCR to establish a track record of good operating performance and reinforce its balance sheet strength through earnings retention. In 2016 and 2017, CCR experienced some of the largest loss events since the creation of the French natural catastrophe regime. Notably, floods in France in 2016 and Hurricane Irma in the French Antilles in 2017, have driven non-life combined ratios of 103.5% and 196.3% in each year, respectively (as calculated by A.M. Best). However, the release of equalisation provisions, accumulated over the years to absorb such catastrophe losses, allowed the group to record a consolidated net profit of EUR 141 million in 2016 and EUR 45 million in 2017. Given the exposure of the company to potentially significant catastrophe losses, prospective results are likely to remain subject to volatility. The ratings of CCR RE reflect its balance sheet strength, which A.M. Best categorises as strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also factor in CCR RE’s strategic importance to the CCR group. The company contributes material volumes of premium income to CCR on a consolidated basis and is a means for the group to keep abreast of developments in the open reinsurance market. CCR RE is integrated strongly into CCR, sharing resources and leveraging the organisation’s governance and risk management frameworks. CCR RE’s balance sheet strength assessment considers its very strong risk-adjusted capitalisation, as measured by BCAR, which benefits from significant unrealised gains on assets. The assessment also factors in CCR RE’s liquid investment portfolio, low dependence on retrocession support and conservative reserving practices. A.M. Best considers CCR RE’s financial flexibility to be limited, given the clear segregation of activities between CCR RE and its shareholder, CCR, which is considered a partially offsetting factor in the balance sheet strength assessment. Furthermore, A.M. Best expects CCR RE’s financial leverage to increase over 2018 should the company successfully execute plans to issue subordinated debt to third-party investors, although it is expected to remain at a moderate level. A.M. Best expects CCR RE to generate robust earnings over the medium term, driven by investment returns. The life portfolio has been profitable but the company’s non-life portfolio has produced technical losses, and a five-year average (2013- 2017) non-life combined ratio of 105.8% (as calculated by A.M. Best). Non-life performance improved over the past two years, as the company has rationalised its underwriting portfolio and diversified its natural catastrophe exposures, but in the absence of further improvements, there could be negative pressure on CCR RE’s ratings. This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including http://www3.ambest.com/ambv/bestnews/presscontent.aspx?altsrc=1&refnum=26816 12/07/2018
Page 4 sur 4
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see
A.M. Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of
Credit Rating opinions, please view Understanding Best’s
Credit Ratings. For information on the proper media use of
Best’s Credit Ratings and A.M. Best press releases, please
view Guide for Media - Proper Use of Best’s Credit Ratings
and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
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Copyright © 2018 A.M. Best Company, Inc. and/or its affiliates ALL RIGHTS RESERVED
No part of this report may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior
written permission of A.M. Best. Refer to our terms of use for additional details.
http://www3.ambest.com/ambv/bestnews/presscontent.aspx?altsrc=1&refnum=26816 12/07/2018PARIS
157, Boulevard Haussmann
75008 Paris
France
+33 1 44 35 31 00
TORONTO
150 York Street, Suite 1010
Toronto, Ontario M5H 3S5
CANADA
+1 416 644 0821
BEYROUTH
Beirut Symposium Bldg.
Wardieh Street, Sin El-Fil.
Beirut 1100 2190
LIBAN
+961 1 49 36 01
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