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.
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.”