Reinsurance News
Terrorism reinsurance
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
Rokstone launches UK terrorism facility
6th October 2021
Rokstone, the international speciality re/insurance MGA and part of the Aventum Group, has announced the launch of a new terrorism facility in the UK. It follows the launch of a similar terrorism product in the US earlier this year, and will be made available to brokers through iSure, the group’s digital ... Read the full article
ARPC welcomes Terrorism Insurance Act review
6th July 2021
The Australian Reinsurance Pool Corporation (ARPC) has welcomed the new terms within the 2021 Triennial Review of the Terrorism Insurance Act 2003 (TI Act), which will be conducted by the Treasury. The review will asses whether or not there continues to be market failure in the private sector supply of terrorism ... Read the full article
Pool Re warns of post-lockdown terror risks
10th May 2021
British terrorism reinsurer, Pool Re has launched a new series of Sector Risk Reports which focuses on public transport and facilities. The initial report explains that the sector remains an attractive target for terrorists due to the high concentration of potential victims and the low complexity of planning required to cause ... Read the full article
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