CCR Re has selected BNP Paribas Securities Services and France Titrisation to assist with the creation of the first insurance linked securities via a mutual securitisation fund, 157 Re.
BNP Paribas will provide custody, account bank and transfer agency services.
The new vehicle enables CCR Re to transfer some of its worldwide property catastrophe portfolio to a dedicated FCT in order to better manage its capital consumption and to widen its financial reinsurance capacities.
Franck Dubois, head of BNP Paribas Securities Services France, said: “This demonstrates the attractiveness of the Paris marketplace for the ILS market. We are pleased to have supported CCR Re with this innovative project.”
Frédéric Ruet, chairman of France Titrisation, added: “The France Titrisation’s team is delighted to have assisted CCR Re with the launch of the first French reinsurance mutual securitisation fund. This heralds the opening of a new marketplace for insurers and reinsurers.”
