French reinsurer CCR Re has announced that its name will be changed to Arundo Re on 16 January 2025.
The name change will take place about 18 months after the completion of the acquisition of a majority stake in CCR Re by a consortium comprising SMABTP and MACSF.
Founded in 2016, CCR Re was established to take over the reinsurance activities of public-sector reinsurer CCR, and commenced operations on 1 January 2017. Over the years, the reinsurer has expanded.
In early 2023, it was revealed that CCR had entered into exclusive negotiations with SAMBTP and MACSF to transfer control of CCR Re and increase its capital by EUR200m.
In July last year, the transaction was completed and the two new shareholders simultaneously subscribed to the capital increase, resulting in a holding of 75% of CCR Re’s expanded capital, with CCR holding 25%.
Both S&P and AM Best have affirmed CCR Re’s ratings as ‘A’ with a ‘Stable’ outlook.
SMABTP (Société Mutuelle d'Assurance du Bâtiment et des Traveaux Publics) is a mutual insurance group serving the French construction and public works sector.
MACSF (Mutuelle d'Assurances du Corps de Sante Francais) is a mutual insurance company that provides insurance services for health professionals.