Flood Re, the joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance, has named Bridget Rosewell Non-Executive Director and Chair-Designate, succeeding Mark Hoban, who will step down in September at the end of his term.
According to Flood Re, Rosewell holds extensive experience, most recently across infrastructure, utilities, financial services, and transport.
She also has a strong economics background, having served as Chief Economic Adviser to the Greater London Authority (2002-2012), Deputy Director of Economic Affairs at the Confederation of British Industry, and lecturer in economics at the University of Oxford.
Rosewell’s current roles include Non-Executive Chair of Audit and Risk for the UK Infrastructure Bank, NED of Northumbrian Water, Chair of M6 Toll, and Chair of challenger bank, Atom.
Commenting on the new role, Rosewell said, “I am delighted to be joining the Flood Re Board and look forward to helping continue its vital work promoting the availability and affordability of flood insurance.
“Equally, as we all face into our greatest national challenge in climate change, I am excited to be working with a wide range of partners on flood prevention and resilient adaptation in the face of ever-increasing flood risk.”
Andy Bord, CEO, Flood Re added, “First of all, I would like to say a huge thank you to Mark for his invaluable service, direction, and personal contribution to both the establishment of Flood Re and the delivery of our mission to ensure affordable and available home insurance for those in high flood risk areas.
“Mark’s energy and enthusiasm, combined with his sharp political and regulatory insights, have been critical to our success so far. I would also like to personally thank him for the wise counsel that he has provided to me.
“Looking forwards, I and the rest of the Board are delighted to have been able to attract someone of Bridget’s calibre and experience as we drive ahead on our transition plan and prepare the insurance market for our eventual exit in 2039.
“Bridget brings a wealth of economic, strategic, and regulatory knowledge to the role, which together with her passion and enthusiasm, will help us deliver on our ambitious plans.”
Mark Hoban, outgoing Chair, Flood Re, said, “I am extremely proud of Flood Re which has addressed the problem that it was originally set up to solve – making flood insurance more affordable and increasing its availability.
“But Flood Re has and will continue to go beyond this and together with the industry and its partners be part of the solution to climate change adaptation.
“My parting message is do not let the success of Flood Re mask the need to create a long-term sustainable solution to managing flood risk. Much has been achieved but much more still needs to be done.”
