The Compagnie Algérienne d’Assurance et de Réassurance (CAAR Algeria) was founded on June 8, 1963, shortly after Algeria gained independence. It is the first 100% Algerian insurance firm. Its installation is seen as a re-establishment of the country’s sovereignty. CAAR, which began with a capital of 600,000 New Francs, now employs 1891 people and operates a network of five branches and over 138 agencies across the country.