Standard & Poor's upgrades CCR Re's rating from A- to A with a stable outlook.
This decision is based on the robustness of CCR Re's development, profitability and financial strength, in line with the business plan, until today.
Bertrand Labilloy, Chairman and CEO of CCR Re, stated:
"The upgrade of CCR Re's rating by S&P in the current context of VIDOC 19 confirms the relevance of our development strategy based on underwriting discipline, risk diversification and operational efficiency. It rewards the work accomplished by our teams and reinforces our ambitions".
This rating rewards an eventful year for CCR Re! First and foremost : the market reinsurance business lines carried by CCR Re recorded a 21% growth in their activity, accelerating for the third consecutive year, to reach 562 million euros in premiums. 562 million in premiums, with new business growth of 23% in 2019, enabling business diversification to continue to diversify in accordance with a healthy distribution of risks in 79 countries.
2019 is also the year in which our Board of Directors validated the new Streamline development plan (2020-2022), ahead of schedule. 2019 is also the year of financial innovation with the launch, ahead of time, of the first side-car under French law, 157Re-19, whose approval has been renewed by the ACPR and with loyal investors who honour us with their trust in 2020 as well. Technical innovation with the introduction of text mining, e-processing and AI technologies in our processes. 2019, is finally the satisfaction of our customers with a 93% rate that encourages us to develop our services.
Download the press release
What does the S&P rating correspond to?
Standard & Poor's (S&P, a subsidiary of S&P Global) is a US rating agency that publishes financial analyses on stocks and bonds.
Their long-term ratings are defined as follows:
|
AAA |
First quality |
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AA+ |
High quality |
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AA |
|
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AA- |
|
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A+ |
Top average quality |
|
A |
|
|
A- |
|
|
BBB+ |
Lower average quality |
|
BBB |
|
|
BBB- |
|
|
BB+ |
Speculative |
|
BB |
|
|
BB- |
|
|
B+ |
Highly speculative |
|
B |
|
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B- |
|
|
CCC+ |
High risk |
|
CCC |
Highly speculative |
|
CCC- |
In default, with some hope of recovery |
|
CC |
|
|
C/CI/R |
|
|
SD |
In selective default |
|
D |
In default |
|
NR |
Not noted |
In 2018, CCR Re had an S&P A- rating with a positive outlook.
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Download the S&P 2019 document
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