AM Best Comments on Credit Ratings of CCR RE Following Announced Plans to Seek New Majority Shareholder

AMSTERDAM--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CCR RE (France) remain unchanged following the announcement by its parent, Caisse Centrale de Réassurance (CCR) (France) that it plans to sell a majority stake in CCR RE. The outlook of these Credit Ratings (ratings) is stable.

On Sept. 21, 2022, CCR’s board announced its intention to seek a new shareholder (or group of shareholders) to acquire a stake in its wholly owned subsidiary, CCR RE. The new investor is expected to become the majority shareholder of CCR RE, with CCR moving from the position of sole owner to a minority shareholder. The board’s expectation is that this transaction would occur before July 2023. Concurrently, the board announced that it expects that the new investor would strengthen CCR RE’s paid in capital base by EUR 200 million.

AM Best will continue to monitor the situation as new developments emerge and review any impact to CCR RE’s credit rating fundamentals, including the rating lift afforded to CCR RE to reflect its strategic importance to CCR.

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