Reinsurance News

Terrorism reinsurance

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

Rokstone launches $225m Terrorism facility for US & Caribbean risks

6th July 2022

International Specialty re/insurance MGA, and part of the Aventum Group – Rokstone has announced the launch of a Terrorism facility for US and Caribbean risks with a $225 million limit, making it one of the largest Terrorism limits available in the market. Drawing on 100% A-rated Lloyd’s & London Market capacity, ... Read the full article

Arch Insurance Intl. names new Head of Terrorism, Political Violence & War

24th May 2022

Arch Insurance International, part of re/insurer Arch Capital Group Ltd, has appointed Andrew Bauckham as Head of Terrorism, Political Violence & War, effective immediately. Within this new role, he will report to Lino Leoni, Chief Underwriting Officer for Short Tail Lines at Arch Insurance International. Joining Arch Insurance International’s highly experienced underwriting ... 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

US Treasury seeks industry feedback on terror re/insurance

6th April 2022

The Federal Insurance Office (FIO) within the US Department of Treasury is seeking feedback from the insurance and reinsurance industry on the effectiveness of the Terrorism Risk Insurance Program (TRIP). TRIP forms part of the amended Terrorism Risk Insurance Act (TRIA) of 2002, and provides a federal backstop for re/insurers providing ... 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

Pool Re sponsors second catastrophe bond

17th February 2022

UK government-backed terrorism reinsurer Pool Re has returned to the capital markets to renew its Baltic terrorism cat bond in a £75 million deal. The Baltic PCC Limited (Series 2022-1) cat bond issuance will follow on from Pool Re’s first cat bond issuance in 2019, which matures at the end of ... Read the full article

ARPC successfully renews $3.475bn terrorism retro program for 2022

9th February 2022

The Australian Reinsurance Pool Corporation (ARPC), which administers the country's terrorism insurance scheme, has renewed its $3.475 billion retrocession program for 2022 at the same price as the previous year. Combined with ARPC's net assets and the $10 billion Commonwealth guarantee, the renewal of the retro program provides scheme capacity of ... Read the full article

Markel Intl. names new war and terrorism underwriter

20th January 2022

Markel International, a subsidiary of the Markel Corporation, has appointed Matthew Brooke as a war and terrorism underwriter. The latest move forms part of the organisation’s growth plans to strengthen its current position in the war and terrorism market. He will report to Will Newman, senior underwriter for war and terrorism and ... Read the full article

Pool Re investing into research on systemic risks

18th January 2022

Pool Re will be one of the investors in a new research consortium aimed at protecting society from future systemic risks. The consortium, which will be led by the Cambridge Centre for Risk Studies, along with the University of Cambridge’s Judge Business School will "support the creation and extension of private-public ... Read the full article

WTW forms new Crisis Management unit

13th January 2022

WTW has formed a new Crisis Management unit with the merger of SCR and its Terror and Political Violence teams which will sit within its Financial Solutions Global Line of Business. The new unit will be led Jo Holliday, Managing Director of SCR, and deliver crisis management and contingency risk management ... Read the full article

Pool Re partnership to explore links between climate & terror

3rd November 2021

UK government-backed terrorism reinsurer Pool Re has partnered with global terrorism pools forum IFTRIP and the National Consortium for the Study of Terrorism and Responses to Terrorism (START) to explore the impact of climate change on terrorism. Together, the trio will produce a series of rapid reports underlining the impact that ... Read the full article

Occam acquires terror-focused MGA Beech Underwriting

11th October 2021

Occam Underwriting, the specialist lines focused Managing General Agency (MGA), has announced the acquisition of terrorism insurance MGA Beech Underwriting Agencies Ltd. The acquisition forms part of Occam’s strategy to diversify into additional lines of business with the continued support of Hudson Structured Capital Management Ltd., which does its re/insurance business ... Read the full article