Reinsurance News

Canopius agrees to cede risks to Flood Re

14th December 2017 - Author: Luke Gallin

Global specialty insurer and reinsurer, Canopius, has agreed to cede risks to Flood Re, the UK’s Government-backed flood reinsurance scheme.

Flooded sign image via 89.3KPCCThe agreement aims to enable UK homeowners living in flood prone areas with access to more effective insurance solutions.

The UK Government has pledged support of the Flood Re scheme until 2039, which was launched in 2016 in order to provide homeowners in high-risk, flood-prone areas with access to affordable flood protection.

Flood Re announced recently that 77,000 policies were written from March 31st to September 30th, 2017, taking the number of policies benefiting from the scheme to 142,000.

Head of Canopius UK Specialty, Stephen Snook, commented; “We understand how distressing and disruptive flooding can be to customers and the Flood Re scheme is hugely beneficial to our customers in enabling them to find insurance solutions.

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“We are delighted to be one of the first Lloyd’s insurers to offer this great benefit alongside the flexible and bespoke solutions we already provide to our coverholders.”

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