SEPTEMBER 27, 2022 01:05 PM (EDT)
AM Best Comments on Credit Ratings of CCR RE Following Announced Plans to Seek New Majority Shareholder
|Morgane Hillebrandt |
Senior Financial Analyst
+31 20 308 5422
Pierre Tournier, FSA, CFA, CERA
+31 20 308 5423
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
AMSTERDAM - SEPTEMBER 27, 2022 01:05 PM (EDT)
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 is 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.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.