CCR, decreasing 2010 results

CCR has posted an after-tax net profit of 110.8 million EUR (146 million USD) compared with 181.7 million EUR (260 million USD) in 2009. Premiums collection, gross of retrocession amounted to 1.36 billion EUR (1.8 billion USD), that is, 10.8% more than last year. State-guaranteed contracts account for 57.2% of this total, that is, 783 million EUR (1 billion USD), including premiums linked to natural catastrophes which represent 685.9 million EUR (909 million USD).

The underwriting results net of retrocession pertaining to natural events have gone down by half at 86.7 million EUR (115 million USD). CCR has sustained the full scale of Xynthia storm costs, estimated alone at 360 million EUR (477 million USD), and the Var floods whose bill will amount to nearly 280 million EUR (371 million USD) for the French reinsurer. The underwriting result related to the market reinsurance is set at 58.3 million EUR (77 million USD).