In the first half of 2024, CCR Re’s turnover reached €970 million, an increase of 7% at current exchange rates compared to the first half of 2023 (stable for Life and +9% for Non-Life).
The profitability of Non-Life business has improved by over 6 points in comparison to the first half of 2023, with an undiscounted combined ratio of 88.8%. This improvement is due mainly to the lack of major natural disasters.
The work started in the first half of the year and throughout the summer has enabled CCR Re to virtually complete its autonomy from CCR. As such, S&P and AM Best have confirmed CCR Re’s rating as “A with a Stable Outlook”, in line with its level of solvency and prudent risk management practices in terms of provisioning, retrocession and asset management.
Bertrand Labilloy, Chief Executive Officer, stated:
“The first-half results confirm CCR Re’s strategy of profitable growth, underpinned by our strong underwriting discipline. This is illustrated by the quality of renewals on 1st January and 01st April."
S