Pool Re members give unanimous backing to results of HM Treasury’s 5-year review
Pool Re members have resoundingly backed the outcomes from HM Treasury’s five yearly review, which praised our innovative work as the world leader in terrorism reinsurance and set out a collaboratively agreed scope of works to ensure the continued success and fitness for purpose of the scheme. The scope of works makes provision for Pool Re to explore innovative ways to return risk to the market, including examining bifurcation of the risk between conventional and non-conventional terrorism and transitioning to a treaty system of reinsurance to facilitate...
Tom Clementi announced as our new CEO
Today, we are pleased to announce the appointment of Tom Clementi as Chief Executive Officer of Pool Re. Clementi, who joins on 4 April, has many years of insurance industry experience, where he was most recently CEO of MS Amlin Underwriting Ltd. Angela Knight, Chair of the Pool Re board, said: “We are delighted that Tom will be joining us to lead Pool Re. His insurance and legal experience, particularly across strategic operations and various geographical areas and underwriting lines at MS Amlin, will be immensely valuable. He is a strong leader and...
Pool Re completes successful ILS cat bond placement
Pool Re, Britain’s leading terrorism reinsurer, has completed placement of its second ILS cat bond, following the maturing of its original ground-breaking issuance from 2019. Issued through a UK domiciled special-purpose vehicle, Baltic PCC Ltd., the 2022 notes were issued in a 144A format, to enhance liquidity. The bond increased in size to £100 million from the £75 million issued in 2019, with the risk spread reduced to 5.5% compared to 5.9% under the 2019 issue. This important deal once again brings new sources of capital to the terrorism risk market, returns...
Pool Re completes expanded terrorism retrocession placement
Pool Re, Britain’s leading terrorism reinsurer, has completed placement of its retrocession programme with more than 50 international reinsurers. The placement provides £2.5bn of cover, increased from £2.475bn, and is led by Munich Re with Hannover Re and Fidelis among those providing significant capacity. Reflecting the underlying insurance provided by Pool Re through its member insurers, the retrocession covers property damage arising from nuclear, biological, chemical, and radiological attacks (CBRN); those arising from cyber-triggered terrorist losses; as...