Compagnie Centrale de Réassurance
 | |
| Industry | Financial services |
|---|---|
| Founded | 1 October 1973 |
| Headquarters | Algiers, Algeria |
Key people | Hadj Mohamed Seba (Chairman of the Board of Directors) |
| Products | Reinsurance |
| Revenue | US$255 542 000 (2019) |
| US$255 542 000 (2020) | |
| Total equity | US$267 874 000 USD (2020) |
| Website | Homepage |
The Compagnie Centrale de Réassurance (Central Reinsurance Company) is a parastatal reinsurance corporation headquartered in Algiers, Algeria.[1] Founded in October 1973, it is wholly owned by the Ministry of Finance.[2]
History
[edit]Decree No. 73-54 of 1 October 1973[2][3] established the Compagnie Centrale de Réassurance and approved its articles of association.
The CCR is a public establishment of an industrial and commercial nature whose purpose is to carry out reinsurance operations in all its forms, contribute to the development of the national reinsurance market and increase the market's capacity and retention.
Placed under the supervision of the Ministry of Finance,[4] the CCR was upon its creation, the only entity authorized to carry out reinsurance operations with foreign countries,[5] either in the form of acceptances or retrocessions.[6]
At the time of its creation, CCR inherited the reinsurance portfolios[7] of the direct companies existing at the time, namely CAAR, SAA[8] and the Caisse Nationale Mutuelle d'Assurance (CNMA).
Share capital
[edit]The Compagnie Centrale de Réassurance is a 100% state-owned company.[9][10] It started its activities with a share capital of 40 000 000 DZD (10 128 000 USD).
In 2020, the company's share capital reached 25 000 000 000 DZD (190 000 000 USD).
Several capital increases have been initiated between 1987 and 2020:
| Year | DZD | USD | Exchange rate as at 31/12 |
|---|---|---|---|
| 1987 | 80 000 000[1] | 20 104 000 | 0.2513 |
| 1992 | 140 000 000[11] | 5 796 000 | 0.0414 |
| 1993 | 250 000 000 | 9 875 000 | 0.0395 |
| 1995 | 500 000 000[11] | 11 200 000 | 0.0224 |
| 1998 | 1 550 000 000 | 27 900 000 | 0.018 |
| 2004 | 2 400 000 000[11] | 33 360 000 | 0.0139 |
| 2007 | 4 000 000 000 | 60 000 000 | 0.015 |
| 2008 | 5 000 000 000[12][11] | 72 000 000 | 0.0144 |
| 2009 | 13 000 000 000 | 182 000 000 | 0.014 |
| 2013 | 16 000 000 000[13] | 204 800 000 | 0.0128 |
| 2015 | 19 000 000 000 | 176 700 000 | 0.0093 |
| 2016 | 22 000 000 000[14] | 198 000 000 | 0.009 |
| 2020 | 25 000 000 000[15][16] | 190 000 000 | 0.0076 |
Shareholding
[edit]The Algerian Ministry of Finance is the sole shareholder of CCR.[9][10][17]
CEOs and general managers
[edit]2021 board of directors
[edit]| Chairman of the Board of Directors[18] | Hadj Mohamed Seba |
|---|---|
| Members of the Board of Directors[18] | Ilhem Gherieb |
| Mohamed Belkacem | |
| Khaled Mouzaia | |
| Djamel Abdelli | |
| Kamel Marami |
Chairmanship of the board of directors and general management
[edit]| CEOs | Period |
|---|---|
| Lamine Titah[19] | 1974–1982 |
| Aoumeur Hadj Said | 1983–1984 |
| Farouk Lazri[19] | 1984–1987 |
| Djamel Eddine Chouiter[20] | 1987–2007 |
| Hadj Mohamed Seba[18] | 2007 to date |
Main activities
[edit]CCR underwrites both national and international[21] facultative reinsurance treaties and risks. The reinsurer's activity includes life and non-life classes of business/[22]
In 2020, CCR's turnover reached 33 624 million DZD[23][24] (242 462 000 USD).
National acceptances represent 82%[25] of the 2020 turnover while international business is limited to 18% and is mainly composed of treaties in the non-life classes of business.
CCR's holdings in insurance and reinsurance companies
[edit]| Companies | Share capital | CCR participation in % |
|---|---|---|
| Africa Re[26] | 285 140 500 USD | 3.05 % |
| Arab Re[27] | 75 000 000 USD | 4.10 % |
| Med Re[28] | 28 512 120 USD | 50.00 % |
| Compagnie algérienne d'assurance et de garantie des exportations (CAGEX) | 22 800 000 USD | 10.00 % |
| Compagnie d'assurance des hydrocarbures (CASH Assurances)[29] | 76 000 000 USD | 5.98 % |
| Société de garantie du crédit immobilier (SGCI) | 15 200 000 USD | 2.10 % |
| Expertise Algérie (EXAL)[30] | 3 800 000 USD | 37.20 % |
| Insitut des hautes études financières (IAHEF) | 1 140 000 USD | 7.20 % |
| École des hautes études d'assurance (EHEA) | 212 800 USD | 7.14 % |
| Imprimerie des assurances | 1 824 000 USD | 50.00 % |
| Djazair MED (SAGPS) | 2 280 000 USD | 40.00 % |
Insurance pools
[edit]CCR manages three insurance pools:
Algerian Catastrophe Insurance Pool (ACIP)
[edit]The natural catastrophe pool (ACIP) covers earthquake, flood, landslide and storm risks.[31] Quota-share reinsurance treaties set the risk retention rate, namely 30% for the insurers and 70% for CCR.
A stop loss treaty[32] protects cedants in the event of a high loss experience.
Decennial liability pool
[edit]The decennial liability pool was created in 2009[33] by CCR and a group of Algerian insurers. The pool's initial capital is 2 billion DZD (US$27.96 million). The co-insurance's management has been entrusted to the Compagnie Centrale de Réassurance.
Special risk pool
[edit]The special risk pool was established in 2018.[33] It provides protection against political risks, civil unrest, acts of terrorism, etc. CCR manages this pool.
References
[edit]- ^ a b "Official Journal of the Algerian Republic" (PDF). Official Journal of the Algerian Republic: 386.
- ^ a b "Official Journal of the Algerian Republic" (PDF). Official Journal of the Algerian Republic: 974–975. 16 October 1973.
- ^ "Analysis of demand and supply in the Algerian reinsurance market (2009-2018)". Forum for Economic Studies and Research Journal: 424.
- ^ "Official Journal of the Algerian Republic 1 May 1985" (PDF). Official Journal of the Algerian Republic: 386.
- ^ "Official Journal of the Algerian Republic 1 May 1985" (PDF). Official Journal of the Algerian Republic: 384.
- ^ "Analysis of demand and supply in the Algerian reinsurance market (2009-2018)". Forum for Economic Studies and Research Journal. 05 / N°: 01 (2021): 425.
- ^ "A company, a story: Compagnie Algérienne d'Assurance et de Réassurance (CAAR)" (PDF). Atlas Magazine: 3. 1 October 2016.
- ^ "The history of insurance in Algeria" (PDF). Insurance and Risk Management. 81: 286–287. 1 October 2013.
- ^ a b "Algeria:State owned reinsurer shows strong technical results, good investment returns". Middle East Insurance Review.
- ^ a b "Official Journal of the Algerian Republic – 16 October 1973" (PDF). Official Journal of the Algerian Republic: 975.
- ^ a b c d "Seminar on risks construction in Algeria - Insurance and reinsurance" (PDF). Seminar Report: 6. 8 June 2009.
- ^ "Construction risks in algeria: Insurance and reinsurance". 8 June 2009.
- ^ nawel.d (19 March 2013). "23% increase in reinsurance premiums underwritten by the CCR in 2012 (CEO)".
- ^ "Insurance activity in Algeria - Year 2016" (PDF). Ministry of Finance Report: 27.
- ^ "Reinsurance: CCR increases its capital to 25 billion DA". 3 December 2020.
- ^ "The capital of the CCR increases to 25 billion dinars". DZentreprise.
- ^ Beaubois-Jude, Arthur. "Munich Re, Africa Re…: who are the continental leaders in reinsurance?". Jeune Afrique. Retrieved 19 April 2022.
- ^ a b c "CCR - Board of Directors". Compagnie Centrale de Réassurance. Retrieved 19 April 2022.
- ^ a b "Algerian etlites - Economic power" (PDF). Algerian Elites. 2: 203. 1985.
- ^ Major Companies of the Arab world 1991/92. Giselle C Bricault. 1991. p. 5. ISBN 9789401174800.
- ^ "AM Best Affirms Credit Ratings of Compagnie Centrale de Réassurance". BusinessWire. 14 October 2020. Retrieved 19 April 2022.
- ^ "CCR - Compagnie Centrale de Réassurance". Atlas Magazine. 14 June 2021. Retrieved 21 April 2022.
- ^ "Assurances : La CCR a réalisé un chiffre d'affaires de 33,6 mds DA en 2020, en baisse de 5,7%". Algerie Eco. 22 June 2021. Retrieved 21 April 2022.
- ^ "Compagnie Centrale de Réassurance : 2020 results". Atlas Magazine. 23 June 2021. Retrieved 21 April 2022.
- ^ "AM Best Affirms Credit Ratings of Compagnie Centrale de Réassurance". AM Best. 21 October 2021. Retrieved 19 April 2022.
- ^ "Africa Re: the group activities". Atlas Magazine. Retrieved 21 April 2022.
- ^ "Arab Re: shareholders". Arab Re. Retrieved 21 April 2022.
- ^ "A.M. Best Affirms Ratings of Compagnie Centrale de Réassurance". Business Wire. 20 July 2011. Retrieved 21 April 2022.
- ^ "Cash Assurances: 33% increase in 2019 turnover". Algérie presse service. 6 May 2020. Retrieved 21 April 2022.
- ^ "Lower profits for the Central Reinsurance Company". DjaZairess. 8 August 2007. Retrieved 21 April 2022.
- ^ Galy, Hélène (23 May 2013). "Cat nat pools: experiences and reviews" (PDF). Willis: 14.
- ^ "Insurance and reinsurance pools". Atlas Magazine. 17 May 2013. Retrieved 21 April 2022.
- ^ a b "Compagnie Centrale de Réassurance (CCR) - Presentation". OECD. Retrieved 21 April 2022.