Reinsurance News
Pool Re
Pool Re and insurtech Optalitix partner to implement treaty & claims management system
30th May 2024
Specialist data analytics solutions provider, Optalitix has partnered with British terrorism reinsurer Pool Re to implement a new, end-to-end treaty and claims management system with full auditability and enhanced reporting. Pool Re is the insurance industry’s mutual for reinsuring terrorism risk in the UK and an arm’s length body of HM ... Read the full article
HM Treasury backs Pool Re’s formal proposal to transform
27th March 2024
Pool Re, a British government-backed terrorism reinsurer, has announced that its members and HM Treasury have backed the formal proposals from its Board to transform the current Pool Re scheme after more than two years of engagement and consultation. Through these approvals, Pool Re aims to pave the way for modernising ... Read the full article
UK’s Pool Re renews reinsurance broking contract with Guy Carpenter
17th October 2023
Pool Re, the UK Government’s terrorism reinsurance scheme, has reported it successfully renewed its reinsurance broking contract with Guy Carpenter for three years, with an option to run to five. According to the announcement, Guy Carpenter will support Pool Re in returning risk and premium to the private sector, which in ... Read the full article
UK insurers reported in talks on Pool Re expansion to cover cyber
20th January 2023
Amid growing concern over the safety net provided by the private sector, insurers have held discussions with the UK government over whether its terrorism reinsurance scheme should cover state-backed cyber attacks, suggests a report from the Financial Times. Pool Re, the UK Government's terrorism reinsurance scheme, was put in place in ... Read the full article
Pool Re welcomes the UK’s ‘Martyn’s Law’
21st December 2022
Pool Re has welcomed the UK government’s announcement of its upcoming Protect Duty legislation, also known as Martyn’s Law. In a statement this week, Home Secretary Suella Braverman, set out how the law will seek to improve the safety and security of citizens so they can enjoy public premises without fear ... Read the full article
Pool Re appoints Jonathan Gray as CUO elect
18th October 2022
Terrorism reinsurer Pool Re has appointed Jonathan Gray as chief underwriting officer elect. A statement from the firm said that Gray will join the government-backed reinsurer in November and work alongside current CUO Steve Coates before the latter’s retirement in early 2023. During this period of overlap, the business will focus ... Read the full article
Pool Re begins consultation over move to cat treaty model
18th August 2022
UK’s terrorism reinsurer Pool Re has launched a consultation process with its members about moving its reinsurance scheme to a catastrophe treaty reinsurance model. According to the announcement, this would be the start of a process examining a move to a more contemporary way of providing cover to an insurance market ... Read the full article
Pool Re CRO urges resilience amid “perfect storm” of challenges
30th June 2022
Ed Butler, Chief Resilience Officer at Pool Re, the UK government-backed terrorism insurer, has urged insurers and reinsurers to work towards building more resilience, as the world undergoes a “perfect storms” of major international challenges. Speaking at the Marsh McLennan Rising Professionals’ Global Forum 2022 in London this week, Butler warned ... Read the full article
Climate, victim impact and systemic risk flagged as key terror issues
23rd May 2022
Climate change, victim impact, and systemic risk were among key issues raised at the virtual conference ReCODE. The conference, hosted by the International Forum of Terrorism risk (Re)Insurance Pools (IFTRIP), looked at the key current issues in terrorism insurance. According to IFTRIP, the links between climate change and terrorism were a key ... Read the full article
Pool Re reduces reinsurance pricing
9th May 2022
The UK government’s reinsurance company Pool Re has reduced its reinsurance pricing, saying that the adjustments will come into effect from October. According to Pool Re, the extent of the reduction will vary according to geographical location. Overall, reinsurance pricing will reduce by approximately 20% outside Zone A (central London) and ... Read the full article
Bermuda market now backs nearly a third of UK terrorism risk: ABIR
3rd May 2022
Bermuda re/insurers now back nearly a third of terrorism risk in the UK by supplying retrocession to Pool Re, according to data from the Association of Bermuda Insurers and Reinsurers (ABIR). ABIR reported that its member companies now supply 32%, or £770 million of terrorism retrocession capacity to the UK’s terrorism ... Read the full article
Pool Re names Clementi as its new CEO
21st March 2022
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 ... Read the full article
Pool Re votes to take on government’s proposals
18th March 2022
Pool Re, the UK government-backed terrorism insurer has said that it will 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 ... Read the full article
Pool Re renews and upsizes terror cat bond
9th March 2022
UK government-backed terrorism reinsurer Pool Re has 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 £100 ... Read the full article
Pool Re grows terror retro cover to £2.5bn
2nd March 2022
UK government-backed terrorism reinsurer Pool Re has completed the placement of its expanded £2.5 billion retrocession programme, led by Munich Re, and with Hannover Re and Fidelis also among those providing significant capacity. The retro tower was grown from £2.475 billion last year thanks to Pool Re's new Baltic ... Read the full article
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