CCR Re, the French reinsurer, took advantage of “slightly tougher reinsurance rates” at the January renewals as the firm wrote almost €840 million of premiums, an increase of 11% year-on year.
The January 1st, 2024, reinsurance renewals accounts for roughly 65% of CCR Re’s portfolio.
The reinsurer notes that more than half of the 11% increase in the size of the portfolio came from organic growth, with 45% from new client contracts and 55% from increased business with existing clients.
According to the company, it “took advantage of the slightly tougher reinsurance rates, the adaptation of coverage structures and the increase in primary rates.”
Broken down by segment, and the reinsurer confirms that within its non-life reinsurance book, the number of premiums issued grew 17% against 2023’s €530 million to €620 million.
Within specialty, the firm notes that at 1.1 it maintained its policy targeting greater equilibrium between all sectors and benefited from higher primary insurance rates within proportional coverage. This resulted in the amount of premiums growing 25% from €60 million in 2023 to €75 million in 2024.
The firm’s life and health reinsurance book represents around 25% of its overall portfolio. CCR Re confirms that the revenue is stable with priority placed on profitability.
“These renewals proved less surprising than in 2023,” said Hervé Nessi, CCR Re’s Chief Underwriting Officer.
“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,” he added.
