CCR

The French government has stumped up €450mn to bail out state-owned national catastrophe reinsurer Caisse Central de Reassurance ( CCR) after the company was forced to call upon state funds for the first time in its 18-year history. CCR described the €450mn sum as “an advance” on definitive sum the government would be asked to pay and which is estimated at about €500mn. The finally figure could be higher given that not all 1999 claims are yet in.