S&P assigns A- to CCR Re

S&P said it assigned preliminary A- issuer credit and financial strength ratings to CCR Re, which is being incorporated by reinsurer Caisse Centrale de Reassurance to underwrite all group business not backed by the state.

The outlook is stable.

The preliminary ratings are subject to regulatory approval of the proposed group structure and review of final documents, S&P said.

The group announced its intention to spin off its market reinsurance business, following which CCR Re – a longstanding department within Caisse Centrale de Reassurance – will be incorporated, the agency said.

The ratings reflect an assumption that CCR Re will be highly strategic to the CCR group, S&P explained.

The wide range of expertise contained in CCR Re enables the group to fill the role of writing market reinsurance in France when the markets close unexpectedly, which was the case in 2001 for airlines insurance or in 2008 for credit protection, the agency said.

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