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Caisse Centrale de Reassurance Aug 04
Standard & Poors, Aug 2004
Abstract
State support. The main part of the business is guaranteed on an unlimited basis by the French state (100% shareholder). This support gives extremely strong protection to the capital base; Robust operating performance in guaranteed business; and Substantial and recurring premium income sourced from the French natural catastrophe market. Concentration of exposure to French territories; Strict follower status and marginal market share in nonguaranteed business; and Weak--albeit improving--track record of profitability in nonguaranteed business. The ratings on France-based reinsurer Caisse Centrale de R-assurance (CCR) are based on the extremely strong and consistent support from the Republic of France (AAA/Stable/A-1+). The majority of CCR's exposures receive an unlimited guarantee from the French state, which covers all large losses incurred in mainland...
Companies mentioned in this report are: Caisse Centrale de Reassurance,Agence Francaise de Developpement,France (Republic of) (Unsolicited Ratings),Banque de France
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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