Algeria: National reinsurer increases capital to $199 mln

Source: Middle East Insurance Review | Dec 2016

Algerian national reinsurer Central Company of Reinsurance (CCR Algiers) has increased its capital to DZD22 billion (US$199.2 million), 16% more than the previous amount of DZD19 billion.

The increase is intended to establish a solid capital base for CCR in order to support the development of its activities, the company said in a statement.

The gross premiums of the company reached DZD25.33 billion in 2015, an increase of 13.6% over 2014, while net income reached DZD2.87 billion.

According to the international rating agency A.M. Best, in a report published in September 2016, CCR is the fifth largest reinsurer in the MENA region in terms of turnover and is placed first in terms of technical profitability (combined ratio).

DZD10 = US$0.09

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