CCR Re returns with reinsurance sidecar 157 Re for third consecutive year

French government backed reinsurer CCR Re has renewed its  157 Re sidecar for 2021 following an investment from Boussard & Gavaudan Investment Management (BGIM).

The reinsurance sidecar vehicle was first launched in March 2019.

According to CCR, this is the first time that a sidecar has leveraged bonds issued by the European Bank for Reconstruction and Development (EBRD).

The company stated that BGIM has increased its property cat risks underwriting capacity on a worldwide basis for the third consecutive year, reflecting "confidence in CCR Re and its underwriting policy".

The renewal of the sidecar was supported by CCR Re investors and Willis Re Securities acting as structuring and placing agent, alongside France Titrisation as management company, BNP Paribas Securities Services as custodian bank) and Linklaters as transaction counsel.

Bertrand Labilloy, chairman and chief executive officer of CCR Re, said: "We welcome the renewal and evolution of 157 Re as part of CCR Re’s development that demonstrate again its innovative spirit."