Britain’s government-backed terrorism reinsurer Pool Re has sponsored its fourth £100 million catastrophe bond, supporting UK economic resilience and protecting businesses from terrorism-related losses while keeping risk in the private markets.
Issued through the UK-domiciled special purpose vehicle Baltic PCC Limited, the transaction provides Pool Re with £100 million of collateralised retrocession protection and is in addition to the existing Series 2025-1 Notes (issued in April 2025).
The 2026-1 Notes are priced at a 5.50% investor spread; readers can find further details on these and other deals in the Deal Directory of our sister publication, Artemis.
Pool Re explained that the additional catastrophe bond brings its total ILS protection to £200 million, a record level of capital markets-backed cover for a terrorism cat bond series.
Tom Clementi, Chief Executive Officer of Pool Re, commented, “We are very pleased to have successfully closed our fourth Cat Bond issuance and take pride in our role as the ultimate backstop to support economic confidence and national resilience.
“By reducing the financial burden on UK taxpayers, we shelter them from the financial consequences of terror events.
“This latest issuance signals our deep commitment to think beyond traditional markets, innovatively developing terrorism-focused ILS solutions to maintain Britain’s resilience against terrorism.”
Aon Securities Limited and Howden Capital Markets & Advisory (HCMA) acted as Structuring Agents and Joint Bookrunners for the transaction, with Clifford Chance acting as Legal Counsel.
Jordan Brown, Managing Director at Aon Securities, said, “Aon Securities is pleased to support Pool Re on its fourth successful transaction to the ILS market. We witnessed a strong response to this year’s offering from the global investor community, which reflects continued confidence in Pool Re and its role in advancing private‑sector participation in terrorism risk financing.”
Philipp Kusche Chair of Howden Capital Markets & Advisory (HCMA) Europe and Co-Head of Global ILS, added, “The ILS market is a unique way to diversify reinsurance risk and offers many upsides, and it’s really encouraging to see Pool Re access it successfully for the fourth time.
“Pool Re’s ongoing commitment lays the groundwork for further future issuances and supports the industry in its resilience against terrorism.”
