CCR's profit is down

The Caisse Centrale de Réassurance (CCR) has reported a remarkable decline of its 2009 profit reaching 181 million EUR (259 million USD), that is a regression of 37% in comparison with 2008. The reinsurer blames this fall on the increase of the corporate tax. The reinsurance class of business stands as the most important part of the turnover (38%), but remains less profitable since it accounts for just 12% of the profits. The low loss ratio has, nonetheless, allowed the group to report a profit. The Klaus storm, the Australian fires and the hail storm affecting Switzerland and Austria have been offset by the positive settlements of the previous years. The 2009 turnover remains stable at 1.23billion EUR (1.76 billion USD).