CCR agrees to sell majority stake in subsidiary CCR Re
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French state-owned Caisse Centrale de Reassurance SA has agreed to sell a majority stake in CCR Re to a consortium of mutual insurers, valuing the subsidiary at €1 billion ($1.08 billion) before a proposed capital increase, Asia Insurance Review reported. CCR would initially sell approximately 70% of CCR Re to Mutuelle d'Assurances du Corps de Sante Francais and Societe Mutuelle d'Assurance du Batiment et des Travaux Publics and later increase the stake to 75%. CCR would remain a minority partner with a 25% stake.
