CCR Re, the France headquartered international reinsurance company, has announced the successful renewal and launch of a seventh sidecar in the 157 Re series of deals, which for 2025 sees the addition of a new feature to enable more efficient reuse of collateral between sidecar vintages.157 Re has become a long-standing collateralised and securitised reinsurance sidecar structure for sponsor CCR Re, enabling the company to align itself with third-party investors and benefit from their appetite to share in its underwriting returns.Now in its seventh year, the company has sponsored a 157 Re reinsurance sidecar annually since 2019.This 2025 vintage of 157 Re, or 157 Re 25 as the reinsurer has called it, has seen CCR Re looking to further optimise the structure, to make the collateralised capacity and retrocessional protection it provides even more efficient and useful to the company.

Details of every 157 Re sidecar issues can be found in Recall that, 157 Re was the first and remains the only insurance-linked securities (ILS) vehicle to be governed under French law.CCR Re first sponsored the 157 Re sidecar arrangement for the 2019 underwriting year, structuring it as a mutual securitization fund, known as a “fonds commun de titrisation”, a vehicle often used for securitisation arrangements in France.Each January since, a 157 Re reinsurance sidecar has been renewed for CCR Re, with the company citing the growing importance of the ILS structure.

Back in 2022, , then for 2023 the company said it had grown the reinsurance sidecar again, by more than 40%, while adding another new investor.Last year, CCR Re said it had The size of the sidecar issuances have never been disclosed, but it is known to have become a key retrocession and partnership capital structure for its sponsor.For 2025, the 157 Re 25 reinsurance sidecar has again seen CCR Re supported by its long-standing investor partner Boussard & Gavaudan Investment Management LLP (BGIM), with that firm having now backed all seven of CCR Re’s sidecar vintages.

CCR Re said the 2025 sidecar vintage emphasises “its commitment to maintaining long-term partnerships with third-party investors,” while also continuing to provide the reinsurer effective protection.Once again, Gallagher Securities acted as the structuring and placement agent for the 157 Re sidecar renewal for 2025, while France Titrisation has acted as the management company, BNP Paribas Securities as the custodian bank and legal advice was provided by Linklaters, CCR Re said.CCR Re explained that, “in line with its strategy of diversifying its sources of third-party capital,” the company has made various “improvements to the operation of 157 Re to facilitate future renewals.” We understand from the company that these improvements to the 157 Re sidecar for 2025 relate to a mechanism that allows for more efficient reuse of capital.

It means that, for future vintages of the 157 Re sidecar, this mechanism will allow for faster and more efficient reuse of collateral from one vintage to the next, while still keeping the run-off period to address any loss development.“This seventh issue, and the improvements made to 157 Re, testify to a shared ambition with our investors to build this platform for the long term,” explained Mathieu Halm, Chief Retrocession, Alternative Capital Officer and Board Secretary at CCR Re.For details of many reinsurance sidecar investments and transactions over the history of the ILS market, view our comprehensive list of ..

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