DES EXPERTS DE CONFIANCE - CCR Re
←
→
Transcription du contenu de la page
Si votre navigateur ne rend pas la page correctement, lisez s'il vous plaît le contenu de la page ci-dessous
DES EXPERTS DE CONFIANCE
FAITS MARQUANTS
Management expérimenté
Bertrand Labilloy Laurent Montador
Président- Directeur
Directeur Général Général Délégué
Jérôme Isenbart
Hervé Nessi Isabelle Bion Directeur
Directeur de la Directrice de l'Actuariat
Souscription des Opérations et des Risques
Patrick Delalleau Hind MECHBAL
Directeur Chrystelle Busque Directrice des
du Développement Directrice Systèmes
Commercial Financière d'Information
Historique
Développement de la Structuration de l'entreprise :
réassurance de marché CCR devient Société
en parallèle des activités Anonyme 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.
PROJET D'ENTREPRISE
Laurent Montador, Bertrand Labilloy,
Directeur Général Délégué Président-Directeur Général
Issue de la filialisation fin 2016 des activités de réassurance de marché de CCR,
CCR Re enregistre depuis des bonnes performances. Le développement soutenu
du portefeuille, l’amélioration continue de la rentabilité et le renforcement sensible
de la solidité financière consacrent la pertinence de la politique de souscription
et d’investissement suivie au service de notre projet d’entreprise. Notre ambition
est d’inscrire durablement l’entreprise dans le paysage de la réassurance
internationale comme une alternative aux leaders du marché, d’offrir à nos clients
un service de première qualité dans le cadre d’une relation de long terme et
à hauteur d’homme, et pour cela d’être un acteur à la pointe dans l’analyse
des risques et la digitalisation des process.
Aujourd’hui, CCR Re est une entreprise en pleine transformation. Tous les
processus sont repensés avec l'introduction de l'intelligence artificielle dans
l'analyse de souscription, permettant à nos experts de se concentrer sur les tâches
à valeur ajoutée et la gestion de la relation client. Les équipes, largement remaniées
et étoffées, sont rajeunies, féminisées et multiculturelles. La souscription est
étendue à de nouveaux marchés, notamment en Amérique latine, en Afrique
subsaharienne et dans la région de l'océan Indien. Parallèlement, de nouveaux
services à haute valeur ajoutée complètent nos offres de couverture. Enfin, des
outils de gestion de risque innovants sont mis en place avec notamment avec le
premier sidecar de droit français.
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 stable.
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 sur le long terme. 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.
Vous pouvez compter sur l’engagement, l’expérience et l’expertise des
professionnels de CCR Re. Ils sont à votre écoute et peuvent échanger avec
vous dans plus de 15 langues.
www.ccr-re.com
TRAJECTOIRE 2016 / 2022
Le plan d’affaires qui sous-tendait la création de CCR Re en 2016 ayant été exécuté
avec succès et un an d’avance, le Conseil d’administration a assigné de nouveaux
objectifs à l’entreprise pour la période 2020 – 2022 dans le prolongement de la
trajectoire suivie jusqu’ici(1). Le changement dans la continuité !
Une croissance couronnée de succès, combinée
à une excellence opérationnelle.
Croissance du CA Ratio Combiné Ratio de coût(2)
7,6 %
832
7,2 %
106,7 %
6,3 %
104,9 %
5,5 %
562
4,8 %
464
99,4 %
443
396
98,1 %
95,8 %
2016 2017 2018 2019 2022 2016 2017 2018 2019 2022 2016 2017 2018 2019 2020
Chiffre d'affaires brut en million d'euros Ratio Combiné Net en % Ratio de coût en %
Rendement des
Investissements Ratio de Solvabilité 2 EBITER(3)
72
2,7 %
201 %
2,4 %
2,4 %
60
189 %
189 %
185 %
2,2 %
50
1,8 %
166 %
35
21
2016 2017 2018 2019 2022 2016 2017 2018 2019 2022 2016 2017 2018 2019 2022
Rendement des Ratio de Solvabilité 2 en % EBITER en million d'euros
Investissements en % de
l'actif total
Notes:
(1) Les chiffres présentés au titre de 2022 constituent les estimations du plan Streamline.
(2) Le ratio de coût est calculé par CCR Re comme le rapport entre les frais de gestion internes (hors charges de placement
mais y compris frais de gestion de sinistres) nets de CVAE/C3S et les primes émises brutes, pour les activités Vie et
Non-Vie.
(3) EBITER : Earnings Before Interests, Taxes and Equalization Reserve, soit bénéfice avant intérêts, impôts et provision
pour égalisation. Exclut également le résultat exceptionnel.
www.ccr-re.com
PLAN D'AFFAIRES 2020 / 2022
Améliorer la plateforme opérationnelle
1
$
Fouille de données & Aligner la comptabilité Mettre en place les règles Chaine
processus électronique analytique sur les IFRS de valeur Cat
automatisé meilleures pratiques de
au cœur des process marché
$
$
Des outils informatiques au Plateforme Amélioration la mesure de besoin en capital et son
service de nos cédantes médicale allocation (modèle standard, USP, modèle interne)
Poursuivre le développement de l’activité
Primes Brutes Émises Ratio combiné net Ratio de coût Marge technique Vie
2019 562 2019 98,1 % 2019 5,5 % 2019 5,2 %
2022 832 2022 95,8 % 2022 4,8 % 2022 6%
Rendement des
Investissements Résultat Net Ratio de solvabilité 2(1) EBITER(2)
2019 2,7 % 2019 35 2019 185 % 2019 60
2022 2,2 % 2022 42 2022 201 % 2022 72
Notes:
(1) Sur la base d'un taux de distribution de 30% des bénéfices.
(2) EBITER : Résultat avant charges d'intérêts, impôts et dotation à la provision d'égalisation.
Certain statements in this document are forward-looking. By their nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other
forward-looking statements will not be achieved. CCR Re does not make any representation, warranty or prediction that
the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements
represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard
scenario. Such forward-looking statements speak only as of the date on which they are made. New risks can emerge
from time to time, and it is not possible for CCR Re to predict all such risks, nor can CCR Re assess the impact of all such
risks on its business or the extent to which any risks, or combination of risks and other factors, may cause actual results
to differ materially from those contained in any forward-looking statements. These and other factors could adversely af
fect the outcome and financial effects of the plans and events described herein. Any opinions expressed in this
document are subject to change without notice and CCR Re does not undertake any obligation to update or revise any
forward looking statement, whether as a result of new information, future events or otherwise.
www.ccr-re.com
CHIFFRES CLÉS
2020 (en millions d'euros) chiffres non audités au 30/06/20
54 5 Chiffre d'affaires brut (+23 %)
105,2 % Ratio combiné net
4,5 % Marge technique Vie
35 EBITER avant provision pour égalisation (+29 %)
29 Résultat net
188 % Ratio de Solvabilité*
* Ce ratio ne prend pas en compte l’émission de 300 M€ de dette subordonnée réalisée
en juillet 2020.
Sensibilité du ratio de solvabilité 2
ZONE OPTIMALE
0% 180 % 220 %
Ratio de solvabilité 2020 au 30/06/20 188 %
MARGE DE SOLVABILITÉ APRÈS CHOC
Choc de -100bps de taux d'intérêts + écart de taux (-0,75 %) 165 %
Choc de +100bps de taux d'intérêts + écart de taux 206 %
USD +15 % 186 %
USD -15 % 190 %
Hausse des provisions techniques de 3% pour couvrir 175 %
le risque centennal de sous-provisionnement
Choc de -10% sur l'immobilier 181 %
Choc de - 25% sur les actions 178 %
Chocs CAT bicentennal (60 M€) 173 %
Notation
AM B EST A S&P A
perspective stable perspective stable
www.ccr-re.com
R ÉPARTITION DU CHIFFRE D'AFFAIRES
2020 chiffres non audités au 30/06/20
Par pays
4% EUROPE (reste de l') 8%
9% 3%
24 % FRANCE 3%
5%
ALLEMAGNE
Chiffre Chiffre 35 %
15 %
7%
d'affaires ASIE (reste de l') d'affaires
5% Non-Vie JAPON Vie
65 % ISRAEL 35 %
20 % MENA
20 %
CANADA
6% 36 %
MONDE (reste du)
Par branche
6 % Risques agricoles 1 % Autres
10 % Dépendance
6 % Transport
43 % Dommages 6 % Financier
Chiffre Chiffre
d'affaires d'affaires 24 % Santé
Non-Vie Vie
354 M€ 22 % Automobile & RC 191 M€
18 % Autres 66 % Prévoyance
Relation client
50 %
25 % 25 %
0 ≥ 4 ans 4 ≥ 12 ans 12≥ 46 ans
www.ccr-re.com
NON-VIE
"Nous intensifions notre présence à l’international
au plus près de vos enjeux."
NON-VIE
Hervé Nessi
Directeur de la Souscription
Monde
hnessi@ccr-re.fr
Marie-Claude Poumel Georges Modol
Directrice Directeur
France Espagne - Portugal
mcpoumel@ccr-re.fr Grèce - Turquie - Israël
Référent Agricole
gmodol@ccr-re.fr
François Cahu John Conan
Directeur Directeur
Royaume-Uni - Irlande Asie - Afrique
Pays Nordiques jconan@ccr-re.fr
fcahu@ccr-re.fr
Pierre Salameh Pierre Dionne
Directeur du bureau Premier Vice-Président
de représentation du Liban & Agent Principal
Moyen-Orient Canada
Afrique du Nord pdionne@ccr-re.fr
psalameh@ccr-re.fr
www.ccr-re.comNON-VIE
Thierry Ravoaja Tai-Feng Yang
Souscripteur Sénior Souscripteur
Afrique Subsaharienne Taïwan - Philippines
Inde Vietnam - Cambodge
travoaja@ccr-re.fr tyang@ccr-re.fr
Elena Amaral Yang Du
Souscriptrice Souscriptrice
Singapour - Malaisie Chine - Hong Kong
Thaïlande ydu@ccr-re.fr
eamaral@ccr-re.fr
Laurent Hivert Andreas Ofner
Souscripteur Souscripteur Sénior
Japon - Corée du Sud Allemagne - Autriche
lhivert@ccr-re.fr Suisse
aofner@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
www.ccr-re.comNON-VIE
Chadi Abou-Rjeilly Melissa Plaxton
Adjoint au Directeur Vice Président
du bureau Canada
de représentation du Liban mplaxton@ccr-re.fr
Moyen-Orient
Afrique du Nord
cabou-rjeily@ccr-re.fr
Florence Corre Robin Darby
Souscriptrice Sénior Souscriptrice Sénior
Québec - Ontario Canada Ouest - Ontario
fcorre@ccr-re.fr rdarby@ccr-re.fr
Jonathan Garellek
Souscripteur & Actuaire
Caraïbes
jgarellek@ccr-re.fr
www.ccr-re.comSPÉCIALITÉS $
“Nos équipes de spécialistes vous conseillent dans la
recherche de solutions techniques.”SPÉCIALITÉS $
Hervé Nessi
Directeur de la Souscription
Monde
hnessi@ccr-re.fr
Antoine Poidatz John Lenormand
Directeur Souscripteur Sénior
Monde Transport et Énergie,
apoidatz@ccr-re.fr Terrorisme et
Political Violences
jlenormand@ccr-re.fr
Yamilet Morote Emilie Le Gal
Souscriptrice Souscriptrice
Crédit Caution Marine, Aviation
Département Spécialités & Spatial, RC, Pollution
& Global Risques elegal@ccr-re.fr
ymorote@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
Hervé Nessi
Directeur de la Souscription
Monde
hnessi@ccr-re.fr
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
Mehdi Tariq Olivier Collignon
Souscripteur & Actuaire Souscripteur Sénior
Moyen-Orient et Amérique Latine
Afrique du Nord Péninsule Ibérique
mtariq@ccr-re.fr ocollignon@ccr-re.fr
www.ccr-re.comVIE & SANTÉ
Ning Jing Liu Samuel Weil
Souscriptrice & Actuaire Souscripteur & Actuaire
Asie Israël
nliu@ccr-re.fr sweill@ccr-re.fr
Jérémie Pentel
Médecin-Conseil
jpentel@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
box located
criteria. in the
Please seeleft column.
Ratings Alternatively,
Criteria call one of the followingfor
at www.standardandpoors.com S&P Global
further Ratings numbers:
information. Client Support
A description of each of
Europe
S&P (44) Ratings'
Global 20-7176-7176; London Press
rating categories Office (44)
is contained in20-7176-3605; Paris (33)
"S&P Global Ratings 1-4420-6708;
Definitions" at Frankfurt (49)
69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.
https://www.standardandpoors.com/en_US/web/guest/article/-/view/sourceId/504352 Complete ratings
information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating
action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search
box located in the left column. Alternatively, call one of the following S&P Global Ratings numbers: Client Support
Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49)
69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.
www.spglobal.com/ratingsdirect May 4, 2020 4
www.spglobal.com/ratingsdirect May 4, 2020 4AM Best Affirms Credit Ratings of Caisse Centrale de Réassurance and CCR RE July 23, 2020 12:03 PM Eastern Daylight Time AMSTERDAM--(BUSINESS WIRE)--AM 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, AM 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 AM Best categorises as very strong, 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 strongest risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). CCR’s capital position is reinforced by significant equalisation and special reserves, which provide capacity to absorb its peak exposures to natural catastrophe, terrorism and other exceptional risks. The balance sheet strength assessment also reflects CCR’s high quality, liquid investment portfolio and conservative reserving practices. AM Best considers CCR’s long-term operating performance track record to be adequate. Results are subject to volatility given the nature of business written; however, the company has established significant equalisation reserves, which can be released in loss-heavy years, as was the case in 2016 through 2018. While loss ratios remained higher than historical norms, technical results improved in 2019, leading to a non-life loss ratio of 85% (as calculated by AM Best before movement in equalisation reserve) compared with 91% for 2018. 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. The ratings of CCR RE reflect its balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also consider, in the form of rating enhancement, the strategic importance of CCR RE to CCR. CCR RE’s balance sheet strength assessment reflects its strongest risk-adjusted capitalisation, as measured by BCAR. The assessment also factors in the company’s low dependence on reinsurance, conservative reserving practices, and its liquid and high quality investment portfolio. CCR RE’s standalone financial flexibility improved following the issuance of EUR 300 million of subordinated debt in July 2020. Financial flexibility remains constrained; however, by the clear segregation of activities and capital within the group. CCR RE has been profitable since its creation as a stand-alone company in 2016, driven by the strong performance of the company’s life reinsurance portfolio and by investment results supported by realised gains. Non-life technical performance has improved steadily since 2016, as the company rationalised its underwriting portfolio. AM Best expects this improvement to be maintained despite the return to top-line growth in 2018 and 2019. CCR RE has an established presence in the international reinsurance market, writing a well-diversified underwriting portfolio and benefiting from the long-established CCR brand.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Contacts Pierre Tournier, CFA, FSA, CERA Senior Financial Analyst +31 20 30 5423 pierre.tournier@ambest.com Mathilde Jakobsen Director, Analytics +31 20 308 5427 mathilde.jakobsen@ambest.com Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 christopher.sharkey@ambest.com Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644 james.peavy@ambest.com
PARIS
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
www.ccr-re.comVous pouvez aussi lire
