AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of CCR RE

AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CCR RE (France). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings have been removed from under review with developing implications following the completion on 3 July 2023 of the sale of a majority stake in CCR RE to a newly formed consortium consisting of Societe Mutuelle d’Assurance du Batiment et des Travaux Publics (SMABTP) and MACSF. Following the close of the transaction, the consortium is the majority shareholder of CCR RE, with a minority stake held by Caisse Centrale de Réassurance (CCR) (France). The transaction includes further mechanisms for SMABTP and MACSF to acquire CCR’s remaining interest in CCR RE in 2026.

The ratings reflect CCR RE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

CCR RE’s balance sheet strength assessment reflects its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). SMABTP and MACSF will contribute an additional EUR 200 million to CCR RE’s capital base in 2023. The assessment also factors in the company’s low dependence on reinsurance, conservative reserving practices, and its liquid and good quality investment portfolio. CCR RE has demonstrated its financial flexibility most recently with the issuance of EUR 300 million of subordinated debt in 2020.

CCR RE has been profitable since its creation as a stand-alone company in 2016, with profits stemming from both underwriting and investments. CCR RE’s neutral business profile is supported by its established presence in the international reinsurance market, with the company writing a well-diversified underwriting portfolio and benefiting from its long-established brand.

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.


Morgane Hillebrandt
Senior Financial Analyst
+31 20 308 5422

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

Mathilde Jakobsen
Senior Director, Analytics
+31 20 308 5427

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318

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