CCR Re returns with reinsurance sidecar 157 Re with 22% more capital in ‘tight’ market

France’s state-owned reinsurer  Caisse Centrale de Reassurance (CCR Re) has renewed its landmark  reinsurance sidecar 157 Re for 2022 — for the fourth consecutive year — with 22% higher capital than seen in 2021.

The renewal of the sidecar follows an investment from Boussard & Gavaudan Investment Management (BGIM), which has renewed its capacity for the fourth consecutive year, as well as the arrival of a new investor to support 157 Re’s growth.

Willis Towers Watson Securities Europe acted as structuring and placement agent, alongside France Titrisation as management company, BNP Paribas Securities Services as custodian bank, and Linklaters as legal advisor.

The sidecar vehicle was first launched in March 2019. CCR Re stated that the successful renewal is proof of the increasing investors’ interest in its property cat portfolio.

“In a tight retrocession market, notably characterised by a significant decrease in the overall capacity offered, CCR Re has succeeded in raising 22% more capital than in 2021,” the company said.

Bertrand Labilloy (pictured), chairman and chief executive officer (CEO), added: “We welcome the growth and expansion of 157 Re’s investor’s basis. It confirms our Property Cat underwriting policy and strengthens our strategy of long-term partnership and alignment of interests with investors.”

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