Tom Clementi is to join Pool Re as its new CEO, taking over the reigns from outgoing leader Julian Enoizi.
Clementi, who will join the mutual on 4th April, is a strategic advisor at Lane Clark & Peacock.
He has many years of insurance industry experience, specifically with MS Amlin where he was most recently CEO of MS Amlin Underwriting.
Angela Knight, chair of the Pool Re board, said: “We are delighted that Tom will be joining us to lead Pool Re. His insurance and legal experience, particularly across strategic operations and various geographical areas and underwriting lines at MS Amlin, will be immensely valuable. He is a strong leader and communicator who will further deepen our relationships with the market and key stakeholders, including vital engagement with government and regulators.”
She added: “We would like to reiterate our thanks to Julian Enoizi who, after eight years at the helm, leaves the organisation in excellent shape to meet the challenges of the evolving terrorism threat and we now look forward to the new chapter for Pool Re, headed by Tom.”
Clementi commented on his appointment: “It is an honour to be appointed CEO of Pool Re, the world’s leading national resilience entity. Pool Re has an extremely talented team and plays a vital and dynamic role in supporting the commercial insurance market in pursuit of greater national resilience to terrorism. I look forward to working with all our stakeholders to continue offering services that respond to the needs of UK business and to building ever stronger relationships with government as we move forward as an arm’s length Government body.”
Enoizi announced his departure in November last year, after eight years leading the company and helping lead on global collaboration through the foundation of the International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP). Throughout his time as CEO, Enoizi more than doubled the buffer between the UK taxpayer and terrorism loss from £5bn in 2013 to £12bn.
Pool Re is the insurance industry’s mutual for reinsuring terrorism risk in Great Britain and operates as an Arm’s Length Government Body.
It was established in 1993 by the UK Government in response to the untenable losses and uncertainty caused by the Provisional IRA’s devastating bombings in financial centres in London and Manchester during The Troubles.
Recently, the reinsurer said that it would implement the recommendations from the HM Treasury’s five-year review of its work.
The reinsurer said that it would examine the bifurcation of the risk between conventional and non-conventional terrorism and transitioning to a treaty system of reinsurance to facilitate increased risk retention by cedants. It said it would also allow the continued development of consultancy services to members through the Pool Re Solutions division.
Pool Re has also in recent weeks completed the placement of its second terrorism ILS catastrophe bond, following the maturing of its original issuance from 2019. Issued through a UK domiciled special-purpose vehicle, Baltic PCC Ltd., the 2022 notes were issued in a 144A format. The bond increased in size to £100m from the £75m issued in 2019, with the risk spread reduced to 5.5%, compared to 5.9% under the 2019 issue.
