SMABTP and MACSF Finalize Full Ownership of Arundo Re

In a first-of-its-kind step in the French reinsurance industry, mutual insurance groups SMABTP and MACSF have completed the full acquisition of Arundo Re, formerly CCR Re. The final transaction, closed on July 28, 2025, marks the complete exit of CCR from Arundo Re’s capital structure.

This strategic milestone builds on their initial 75% acquisition in 2023 and reflects the long-term vision of the two mutualist groups to expand their influence and leadership in the reinsurance sector.

SMABTP and MACSF Complete Strategic Transition to Full Ownership

The acquisition of Arundo Re by the combined power of both groups was executed in a phased approach. In 2023, both mutualist groups jointly acquired a 75% controlling stake, while CCR retained a 25% minority share. The deal included structured options, a put option allowing CCR to sell its remaining shares in 2026, and a call option for SMABTP and MACSF to acquire them under predefined conditions.

Instead of waiting until 2026, all parties agreed to move forward with the sale ahead of schedule. With the acquisition of the remaining 25% now complete, SMABTP and MACSF jointly own 100% of Arundo Re, concluding CCR’s historical involvement in the reinsurer it originally established.

SMABTP and MACSF Solidify Control After CCR’s Strategic Exit

The departure of Caisse Centrale de Réassurance (CCR) from Arundo Re represents a key shift in the company’s identity. Initially set up as a spin-off to manage CCR’s open-market reinsurance business, CCR Re (now Arundo Re) was created to separate public reinsurance responsibilities such as catastrophe coverage—from commercial reinsurance operations.

Now, both groups have fully transitioned Arundo Re into private hands, aligning it with their mutualist values and operational goals. This consolidation gives them stronger strategic influence while allowing CCR to focus on its core public sector mandate.

SMABTP and MACSF Define Ownership Structure of Arundo Re

Following the transaction, the equity stakes in Arundo Re are now clearly defined:

• SMABTP holds a 70% majority stake

• MACSF retains a 30% minority stake

This ownership structure reflects SMABTP’s leading role in the consortium and MACSF’s strategic partnership. Both organizations bring a long-term mutualist perspective and solid financial backing, aligning well with Arundo Re’s business strategy and long-term development plans.

SMABTP and MACSF Finance Deal Using Internal Resources

The acquisition of the final 25% of Arundo Re was entirely financed through the internal funds of SMABTP and MACSF, pending regulatory approval. This method of funding reflects their strong financial positions and underscores their confidence in the reinsurer’s current and future value.

Opting for internal resources also enables SMABTP and MACSF to maintain full control over the transaction, avoiding external debt and ensuring governance remains in-house. This approach is consistent with their commitment to sustainable ownership and long-term performance.

SMABTP and MACSF Enhance Arundo Re’s Reinsurance Capabilities

Under the complete ownership of SMABTP and MACSF, Arundo Re is well-positioned to scale its operations and strengthen its reinsurance portfolio, which includes property, casualty, life, and specialty lines. As a nimble and specialized reinsurer, Arundo Re stands to benefit from:

• Strategic alignment with mutualist values

• Enhanced governance and agility

• Greater capital support for growth and innovation

• Direct access to clients and policyholders through its parent mutuals

This new ownership framework empowers Arundo Re to better execute its long-term vision and respond quickly to evolving market dynamics.

SMABTP and MACSF Lead Arundo Re Into a New Strategic Era

The transaction propels Arundo Re into a new chapter of full mutualist ownership. By fast-tracking the acquisition timeline, SMABTP and MACSF have demonstrated strong belief in the reinsurer’s trajectory and its alignment with their institutional goals.

As the global reinsurance industry faces heightened challenges from climate-related risks to geopolitical shifts—reinsurers need to be agile and well-capitalized. With full ownership, SMABTP and MACSF can now direct Arundo Re’s strategy more cohesively and strengthen its market position both in France and internationally.

Conclusion: SMABTP and MACSF Drive Strategic Consolidation in Reinsurance

The full acquisition of Arundo Re is more than a change in ownership, it signifies a strategic consolidation of mutualist influence in the French reinsurance sector. With SMABTP and MACSF now at the helm, Arundo Re is poised for expanded growth, backed by robust capital, aligned governance, and clear long-term direction.

This move not only enhances the operational and financial flexibility of Arundo Re but also lays the foundation for increased collaboration and innovation within the mutual insurance ecosystem. As reinsurance markets evolve, the leadership of SMABTP and MACSF ensures Arundo Re remains competitive, resilient, and forward-looking.