CCR Group, a leading French reinsurer, has informed its partners in New Zealand, Australia, and Thailand to stop writing business with the company to ensure long-term profitability for the benefit of shareholders. The decision came after a strategic review of the global positioning of its open-market reinsurance book of business.
The reinsurer has decided to limit the number of countries where it operates to better serve clients, ensure professional risk management, and maintain long-term profitability for shareholders. Consequently, CCR’s activity in Asia will be reduced in 2012 by stopping writing business in Australia, New Zealand, and Thailand, with immediate effect.
CCR has an estimated 10% of reinsurance business in Bangkok, and its withdrawal from Thailand is not expected to have a significant impact on Thai insurance companies, as new reinsurers in the market can replace it. The reinsurer has been operating in Thailand since 2001, and its first significant loss in the country was due to claims resulting from the 2004 tsunami.
