157 Re is a new type of securitisation fund authorised by the Autorité de contrôle prudentiel et de résolution, the French banking and insurance regulator.
This 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.
Commonly used by financial institutions to transfer financial risks or by asset managers to invest in real assets, the 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, said:
“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.”
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.”
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.
Caroline Lumley firstname.lastname@example.org +44 (0)20 7410 4650
Follow Securities Services on Twitter - @BNPP2S
About BNP Paribas Securities Services (www.securities.bnpparibas.com)
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 36 countries and a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
About France Titrisation (www.france-titrisation.com)
France Titrisation is a management company working under an open architecture for third parties.
With more than 110 funds and EUR 100 billion of assets under management, France Titrisation is dedicated exclusively to the management of AIFM funds. With an expertise of almost 30 years in securitisation with different types of underlying assets (ABS, RMBS, debt funds), France Titrisation provides services to banks, institutional investors and assets managers for their refinancing or investment strategies in Europe.