Reinsurance News
Flood Re
FEMA returns to capital markets for $300m NFIP risk transfer
18th April 2019
The US Federal Emergency Management Agency (FEMA) has returned to the capital markets, entering into an agreement with Hannover Re (Ireland) Designated Activity Company (DAC) and securing $300 million of collateralised reinsurance protection for the National Flood Insurance Program (NFIP) from insurance-linked securities (ILS) investors. In August 2018, FEMA secured ... Read the full article
Flood Re premiums cut by up to £112 for 2019
2nd January 2019
Flood Re, the UK’s government-backed reinsurance scheme, has cut the reinsurance premiums it charges to insurance companies as of 1 January 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. Premiums charged by Flood Re to insurers are set ... Read the full article
Flood Re to lower reinsurance premium charges from Jan 2019
1st October 2018
Flood Re, the UK’s government-backed reinsurance scheme, has announced that it will lower the reinsurance premiums it charges to insurance companies from January 1st 2019, which in turn should lower the cost of flood protection for those most at risk of flooding in the UK. The premiums Flood Re charges insurers are ... Read the full article
Flood Re sets 2039 goal for affordable risk-reflective pricing
11th July 2018
Flood Re, the UK's flood reinsurance facility, has outlined the changes it believes are necessary to achieve affordable risk-reflective pricing by 2039. The second transition plan, titled ‘Flood Re, Our Vision: Preparing for a future of affordable flood insurance’, covers 12 areas and includes limiting the risks of flooding, reducing the ... Read the full article
Flood Re to reduce premiums from beginning of 2019
29th June 2018
Flood Re is to lower the premiums it charges insurers for the first time starting in 2019, according to the company’s annual report. “After two years of operations, we are pleased that the Scheme’s objective, of ensuring the availability of affordable home insurance for people in flood-prone parts of the UK, ... Read the full article
Flood Re suspends premium price increases
29th March 2018
Flood Re, the UK's flood reinsurance facility, has announced that this year it will freeze the premium prices it charges to insurers when they cede policies to the scheme, instead of imposing its usual annual increase in premium thresholds. This is the first time Flood Re has suspended premiums increases, as ... Read the full article
Canopius agrees to cede risks to Flood Re
14th December 2017
Global specialty insurer and reinsurer, Canopius, has agreed to cede risks to Flood Re, the UK's Government-backed flood reinsurance scheme. The 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, ... Read the full article
142,000 at risk households now benefit from Flood Re policies
12th December 2017
The latest data from the UK’s government-backed reinsurance scheme, Flood Re, shows that as at September 30th, 2017, the number of policies benefiting from Flood Re increased to 142,000. Flood Re aims to make flood insurance more accessible to property owners in the UK, and its latest data reveals that 77,000 policies ... Read the full article
Flood Re helps flood hit homeowners access more insurance options
4th July 2017
Flood Re, the UK's government-backed flood reinsurance scheme, said that it has provided reinsurance to back almost 130,000 insurance policies since its launch and assisted homeowners to get more quotes and options when looking to purchase insurance. At the end of its first full year of operations, Flood Re said that ... Read the full article
Andy Bord named permanent CEO of Flood Re
13th April 2017
Flood Re, the UK's government-backed flood reinsurance scheme, has announced that interim Chief Executive Officer (CEO), Andy Bord will take on the position permanently. Bord was named interim CEO of Flood Re in January 2017, and after an extensive and comprehensive search undertaken by Odgers Berndtson, the reinsurer has revealed that ... Read the full article
UK’s Flood Re scheme boosts flood insurance uptake
4th April 2017
Newly released data shows that since the introduction of Flood Re one year ago - a world flagship programme developed to provide at risk UK homeowners with more accessible and affordable flood cover - 80% of homeowners with previous flood claims saw a 50% price reduction for available quotes. The scheme ... Read the full article
BIBA scheme aims to expand UK commercial flood insurance availability
21st March 2017
The British Insurance Brokers' Association (BIBA) is aiming to expand the availability of flood insurance for small and medium-sized enterprises (SMEs) in flood risk areas not served by the government-backed Flood Re initiative, via a new commercial scheme that could increase the need for reinsurance protection. Executive Director of BIBA, Graeme ... Read the full article
MS Amlin the first Lloyd’s syndicate to underwrite backed by Flood Re
15th February 2017
Global specialty insurance group MS Amlin has become the first Lloyd's of London syndicate operator to underwrite homeowners policies backed by the government's flood reinsurance scheme, Flood Re. MS Amlin signed up with the UK Government backed Flood Re to support its underwriting of flood risks assumed through mid to high ... Read the full article
Flood Re welcomes Andy Bord as interim Chief Executive
17th January 2017
Flood Re has announced Andy Bord, formerly CEO at Capita Insurance Services, as interim CEO. Having previously worked for Capita, Staysure, BGL Group and Vodafone UK Bord, Flood Re said Bord's appointment would bring; "significant experience in high-profile, consumer-facing businesses." Mark Hoban, Chairman of Flood Re, commented; “Andy has a strong knowledge ... Read the full article
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