AM Best Comments on Credit Ratings of Caisse Centrale de Réassurance Following Its Announcement of Exclusive Negotiations to Sell Majority Stake in CCR RE

AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has commented that the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” (Superior) of Caisse Centrale de Réassurance (CCR) (France) remain unchanged following its announcement that it has entered into exclusive negotiations to sell a majority stake in CCR RE, its wholly owned subsidiary. The outlook of the FSR is stable, while the outlook of the Long-Term ICR is negative.

On 8 February 2023, CCR’s board announced that it has entered into exclusive negotiations with Societe Mutuelle d’Assurance du Batiment et des Travaux Publics (SMA-BTP) and MACSF to sell a majority stake in CCR RE.

Under the proposed transaction, CCR will sell approximately 70% of its interest in CCR RE. Following the close of the transaction, SMA-BTP and MACSF are expected to contribute an additional EUR 200 million to CCR RE’s capital base, reducing CCR’s stake in the company to approximately 25%. SMA-BTP is expected to be CCR RE’s majority shareholder when the transaction is completed. The transaction is expected to close by the end of the first half of 2023 and is subject to regulatory approvals and workers council consultations. The proposed transaction includes further mechanisms for SMA-BTP and MACSF to acquire CCR’s remaining interest in CCR RE in 2026.

The current ratings of CCR reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management. These ratings also consider, in the form of rating lift, the explicit unlimited guarantee provided by the Republic of France to CCR’s state-backed business.

The negative outlook of CCR’s Long-Term ICR reflects deterioration in the creditworthiness of the Republic of France, from which CCR receives rating lift.

AM Best will continue to monitor the situation as new developments emerge and review any impact these might have to CCR’s credit rating fundamentals.

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. For more information, visit

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Pierre Tournier, FSA, CFA, CERA
Associate Director

+31 20 308 5423

Dr. Mathilde Jakobsen
Director, Analytics
+31 20 308 5427

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098

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