A consortium made up of two French mutual insurance companies, SMABTP and MACSF, has entered into exclusive talks with the Compagnie Centrale de Réassurance (CCR) to acquire its market reinsurance subsidiary CCR Re.
As a first step, the operation concerns CCR's sale of 70% of CCR Re's capital for an amount close to 1 billion EUR (1.07 billion USD).
The transaction will be followed by a 200 million EUR (214.61 million USD) increase of CCR Re's share capital, financed by the consortium. The latter will thus become the company's majority shareholder for 75%. The remaining 25% will still be held by CCR.
Subject to information-consultation processes with the employee representative bodies and to the approval of the competent authorities, the deal is expected to be finalized by the end of the first half of 2023.
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