The Algerian public authorities are consolidating CCR‘s weight

The Compagnie Centrale de Réassurance (CCR) has seen its role strengthened after the promulgation of an executive decree No. 10-207, dated September 9, 2010. This decree, henceforth, sets the minimum legal cession at 50%. By this move, the authorities force local insurers to place at least 50% of their business at CCR. The objective of this initiative is to retain a larger volume of premiums in Algeria. The market share of CCR on the local market is currently about 35%. The new decision will come into force as of 1st January 2011. In 2009, the capital of the national company grew from 5 to 13 billion DZD (from 71 to 184 million USD). AM Best has recently granted it the financial soundness rating of “B +”.