Compagnie Centrale de Réassurance

Compagnie Centrale de Réassurance
IndustryFinancial services
Founded1 October 1973 (1973-10-01)
HeadquartersAlgiers, Algeria
Key people
Hadj Mohamed Seba (Chairman of the Board of Directors)
ProductsReinsurance
RevenueUS$366 359 000 (2024)
US$55 879 000 (2024)
Total equityUS$361 851 000 USD (2024)
WebsiteHomepage

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

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

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:

Share capital evolution
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
2022 30 000 000 000[17] 219 000 000 0.0073

Shareholding

The Algerian Ministry of Finance is the sole shareholder of CCR.[9][10][18]

CEOs and general managers

2024 board of directors

Chairman of the Board of Directors[19] Abdallah Benseidi
Members of the Board of Directors[20] Ilhem Gherieb
Toufik Seddiki
Kamel Marami
Mohamed Belkacem
Djamel Adouane

Chairmanship of the board of directors and general management

CEOs Period
Lamine Titah[21] 1974–1982
Aoumeur Hadj Said 1983–1984
Farouk Lazri[21] 1984–1987
Djamel Eddine Chouiter[22] 1987–2007
Hadj Mohamed Seba[23] 2007-2022
Abdallah Benseidi[19] 2022 to date

Main activities

CCR underwrites both national and international[24] facultative reinsurance treaties and risks. The reinsurer's activity includes life and non-life classes of business/[25]

In 2024, CCR's turnover reached 50 057 million DZD[26] (366 359 000 USD).

National acceptances represent 80%[27] of the 2024 turnover while international business is limited to 20% and is mainly composed of treaties in the non-life classes of business.

CCR's holdings in insurance and reinsurance companies

Companies Share capital CCR participation in %
Africa Re 293 679 500 USD[28] 3.05 %
Arab Re 75 000 000 USD[29] 4.10 %
Med Re 21 000 000 USD 50.00 %
Compagnie algérienne d'assurance et de garantie des exportations (CAGEX) 6 500 000 USD 6.00 %
Compagnie d'assurance des hydrocarbures (CASH Assurances) 20 000 000 000 USD 3.99 %
Société de garantie du crédit immobilier (SGCI) 3 000 000 000 USD 2.09 %
Expertise Algérie (EXAL) 4 000 000 000 USD 37.20 %
Insitut des hautes études financières (IAHEF) 200 000 000 USD 7.20 %
École des hautes études d'assurance (EHEA) 112 000 000 USD 6.25 %
Imprimerie des assurances 500 000 000 USD 50.00 %
Djazair MED (SAGPS) 300 000 000 USD 40.00 %

Insurance pools

CCR manages three insurance pools:

Algerian Catastrophe Insurance Pool (ACIP)

The natural catastrophe pool (ACIP) covers earthquake, flood, landslide and storm risks.[30] Quota-share reinsurance treaties set the risk retention rate, namely 30% for the insurers and 70% for CCR.

A stop loss treaty[31] protects cedants in the event of a high loss experience.

Decennial liability pool

The decennial liability pool was created in 2009[32] 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

The special risk pool was established in 2018.[32] It provides protection against political risks, civil unrest, acts of terrorism, etc. CCR manages this pool.

References

  1. 1 2 "Official Journal of the Algerian Republic" (PDF). Official Journal of the Algerian Republic: 386.
  2. 1 2 "Official Journal of the Algerian Republic" (PDF). Official Journal of the Algerian Republic: 974–975. 16 October 1973.
  3. ↑ "Analysis of demand and supply in the Algerian reinsurance market (2009-2018)". Forum for Economic Studies and Research Journal: 424.
  4. ↑ "Official Journal of the Algerian Republic 1 May 1985" (PDF). Official Journal of the Algerian Republic: 386.
  5. ↑ "Official Journal of the Algerian Republic 1 May 1985" (PDF). Official Journal of the Algerian Republic: 384.
  6. ↑ "Analysis of demand and supply in the Algerian reinsurance market (2009-2018)". Forum for Economic Studies and Research Journal. 05 / N°: 01 (2021): 425.
  7. ↑ "A company, a story: Compagnie Algérienne d'Assurance et de Réassurance (CAAR)" (PDF). Atlas Magazine: 3. 1 October 2016.
  8. ↑ "The history of insurance in Algeria" (PDF). Insurance and Risk Management. 81: 286–287. 1 October 2013.
  9. 1 2 "Algeria:State owned reinsurer shows strong technical results, good investment returns". Middle East Insurance Review.
  10. 1 2 "Official Journal of the Algerian Republic – 16 October 1973" (PDF). Official Journal of the Algerian Republic: 975.
  11. 1 2 3 4 "Seminar on risks construction in Algeria - Insurance and reinsurance" (PDF). Seminar Report: 6. 8 June 2009.
  12. ↑ "Construction risks in algeria: Insurance and reinsurance". 8 June 2009.
  13. ↑ nawel.d (19 March 2013). "23% increase in reinsurance premiums underwritten by the CCR in 2012 (CEO)".
  14. ↑ "Insurance activity in Algeria - Year 2016" (PDF). Ministry of Finance Report: 27.
  15. ↑ "Reinsurance: CCR increases its capital to 25 billion DA". 3 December 2020.
  16. ↑ "The capital of the CCR increases to 25 billion dinars". DZentreprise.
  17. ↑ "CCR Algeria: share capital increase". www.atlas-mag.net. Retrieved 2025-11-12.
  18. ↑ Beaubois-Jude, Arthur. "Munich Re, Africa Re…: who are the continental leaders in reinsurance?". Jeune Afrique. Retrieved 19 April 2022.
  19. 1 2 CCR: annual report 2024 (PDF). 2024. p. 7.
  20. ↑ CCR: annual report 2024 (PDF). 2024. p. 7.
  21. 1 2 "Algerian etlites - Economic power" (PDF). Algerian Elites. 2: 203. 1985.
  22. ↑ Major Companies of the Arab world 1991/92. Giselle C Bricault. 1991. p. 5. ISBN 9789401174800.
  23. ↑ "CCR - Board of Directors". Compagnie Centrale de Réassurance. Retrieved 19 April 2022.
  24. ↑ "AM Best Affirms Credit Ratings of Compagnie Centrale de Réassurance". BusinessWire. 14 October 2020. Retrieved 19 April 2022.
  25. ↑ "CCR - Compagnie Centrale de Réassurance". Atlas Magazine. 14 June 2021. Retrieved 21 April 2022.
  26. ↑ CCR: annual report 2024 (PDF). 2024. p. 11.
  27. ↑ CCR: annual report 2024. 2024. p. 20.
  28. ↑ Africa Re: Annual Report & Accounts 2024 (PDF). 2024. p. 51.
  29. ↑ ARAB REINSURANCE COMPANY S.A.L.: INDEPENDENT AUDITOR’S REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024 (PDF). 2024. p. 5.
  30. ↑ Galy, Hélène (23 May 2013). "Cat nat pools: experiences and reviews" (PDF). Willis: 14.
  31. ↑ "Insurance and reinsurance pools". Atlas Magazine. 17 May 2013. Retrieved 21 April 2022.
  32. 1 2 "Compagnie Centrale de Réassurance (CCR) - Presentation". OECD. Retrieved 21 April 2022.
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