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CCR launches new subsidiary for open market RI business

Source: Asia Insurance Review | Oct 2016

France’s state-owned reinsurer, Caisse Centrale de Réassurance (CCR), has launched a new subsidiary named CCR Re, for its open market reinsurance business. 
 
   From 1 January 2017, all open market operations by CCR will be transferred to CCR Re, a separate legal entity. However, CCR will retain its public reinsurance activities, which are backed by the state’s guarantee and include the country’s natural catastrophe reinsurance.
 
   CCR Re is targeting to write around EUR400million (US$450million) in premiums across 50-60 markets by 2020 and has a targeted solvency ratio of 200% by then too. 
 
   The reinsurer stressed in a press release that CCR Re will write the same type of risks as before, in life, non-life and specialty lines; it will have the same financial strength and CCR; the same underwriters, actuaries and managers and the same underwriting discipline and focus on profitability.
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