BNP Paribas and France Titrisation assist CCR Re with sidecar
April 15, 2019

BNP Paribas Securities Services and France Titrisation, an alternative investment fund management company with EUR 100 billion in assets under management, have been selected by CCR Re to create the first insurance-linked securities (ILS) via a fonds commun de titrisation (FCT, a mutual securitization fund) called 157 Re.

BNP Paribas Securities Services describes 157 Re is a new type of securitization fund authorized by the autorité de contrôle prudentiel et de résolution, the French banking and insurance regulator.

It says this vehicle enables CCR Re to transfer some of its worldwide property catastrophe portfolio to a dedicated FCT in order to manage its capital consumption better and to widen its financial reinsurance capacities.

Commonly used by financial institutions to transfer financial risks or by asset managers to invest in real assets, French FCTs can be used both as a secure vehicle for alternative investors and as an appropriate instrument for insurance and reinsurance companies.

Frédéric Ruet, Chairman of France Titrisation, says the launch heralds the opening of a new marketplace for insurers and reinsurers. Franck Dubois, Head of BNP Paribas Securities Services France, says it demonstrates the attractiveness of the Paris marketplace for the ILS market.

CCR Re was assisted by its counsels (Linklaters and Clyde & Co), and structuring agent (Willis Tower Watson Securities). BNP Paribas Securities Services was assisted by its counsel Allen & Overy.





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BNP Paribas Securities Services and France Titrisation, an alternative investment fund management company with EUR 100 billion in assets under management, have been selected by CCR Re to create the first insurance-linked securities (ILS) via a fonds commun de titrisation (FCT, a mutual securitization fund) called 157 Re.

BNP Paribas Securities Services describes 157 Re is a new type of securitization fund authorized by the autorité de contrôle prudentiel et de résolution, the French banking and insurance regulator.

It says this vehicle enables CCR Re to transfer some of its worldwide property catastrophe portfolio to a dedicated FCT in order to manage its capital consumption better and to widen its financial reinsurance capacities.

Commonly used by financial institutions to transfer financial risks or by asset managers to invest in real assets, French FCTs can be used both as a secure vehicle for alternative investors and as an appropriate instrument for insurance and reinsurance companies.

Frédéric Ruet, Chairman of France Titrisation, says the launch heralds the opening of a new marketplace for insurers and reinsurers. Franck Dubois, Head of BNP Paribas Securities Services France, says it demonstrates the attractiveness of the Paris marketplace for the ILS market.

CCR Re was assisted by its counsels (Linklaters and Clyde & Co), and structuring agent (Willis Tower Watson Securities). BNP Paribas Securities Services was assisted by its counsel Allen & Overy.



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