Pool Re reduces overall reinsurance pricing

Today we announced the most significant reduction in our reinsurance pricing for 20 years. The reduction will come into effect from October 2022. 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 could reduce by more than 30% in many non-urban areas. These decreases are likely to prompt a commensurate reduction in insurance prices, although Pool Re member insurers will remain responsible for setting pricing for their own policyholders. The...
Pool Re members give unanimous backing to results of HM Treasury’s 5-year review

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

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 members give unanimous backing to results of HM Treasury’s 5-year review

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 members give unanimous backing to results of HM Treasury’s 5-year review

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...
Pool Re members give unanimous backing to results of HM Treasury’s 5-year review

Pool Re Solutions, IFTRIP and START partner on a global strategic climate change initiative

This timely initiative is symbolic of the devastating and far-reaching impact of climate change. A new global partnership with the National Consortium for the Study of Terrorism and Responses to Terrorism (START) will focus on the impact of climate change on terrorism. START, based at the University of Maryland in the US, with the cooperation of IFTRIP – the largest global terrorism pools forum – and Pool Re SOLUTIONS, will produce a series of rapid reports underlining the impact climate change is having on the drivers of terrorism, examining both...