The Central Reinsurance Company (CCR) has announced that it has increased its share capital. From now on, the capital of the company is increased to 25 billion DA (193.79 million USD) against 22 billion DA (170.54 million USD) previously, an increase of 14%.
In a press release dated December 3, the CCR explains that this approach aims to strengthen its financial base on the national and international market. The company will await the approval of the Commission de Supervision des Assurances (CSA) to validate this capital increase.
The activities of the company, owned by the Algerian state, extend to all forms of reinsurance and to all branches of insurance. In this dynamic, the Algiers-based company has business relations with all Algerian insurance companies as well as with a multitude of partners (insurers, reinsurers and brokers) around the world. This allows it to develop a significant volume of business and to benefit from a good international brand image.
In fact, AM Best agency, which specializes in rating insurance and reinsurance companies, gave it a B + (Good) rating.
In 2019, the CCR achieved a turnover of 35.65 billion DA (276.39 million), an increase of 11.16% compared to the 2018 financial year.