On 20 September 2022, the Board of Directors of Caisse Centrale de Réassurance (CCR) has decided to increase the share capital of the market subsidiary CCR Re by 200 million EUR (199.948 million USD).
This amount will be underwritten by one or several new shareholders in a transaction allowing them to hold a majority stake in the capital of CCR Re.
This transaction is part of the process of separating the French group's market activities from its public activities. It also allows CCR Re to reach the necessary size and profitability to self-finance its growth at market rates.
CCR Re is targeting a turnover of 2 billion EUR (1.99 billion USD) by 2027 with a 10% profitability.
CCR has also decided to reinforce its management team with the appointment of Edouard Vieillefond as deputy CEO, alongside Bertrand Labilloy, CCR's CEO and CCR Re's Chairman and CEO.
Read also | CCR and CCR Re: 2021 results [4]