The January campaign, which accounts for approximately 65% of CCR RE’s portfolio, resulted in the underwriting of almost EUR 840 Mn of premiums - an increase of 11% at constant exchange rates in comparison to last year.
More than half of this increase came from organic growth: 45% from new client contracts and 55% from increased business with existing clients. In addition, CCR RE took advantage of the slightly tougher reinsurance rates, the adaptation of coverage structures and the increase in primary rates.
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CCR Re’s Chief Underwriting Officer Hervé Nessi commented: “These renewals proved less surprising than in 2023. The market seems to have reached a certain consensus accepting the idea that insurers, by retaining more risks, will be able to bear the increasingly frequent medium-sized claims whilst reinsurers will focus on their original business covering more rare but larger scale incidents.”
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