The establishment of the so-called Caliphate in 2014 saw a significant shift in the threat from threats posed by the IRA to those posed by Islamist extremists. Attack methodologies had also evolved to incorporate tactics different to those which Pool Re had originally been designed for. With a shift from targeting property and causing economic damage, towards attacks designed to cause mass casualties, by what was until recently considered unorthodox methods, Pool Re needed to adapt to stay relevant and to do so, it first needed to fully understand the evolving threat landscape. It became clear that it needed to expand its capabilities and to develop the resources that would help the Scheme, its Members and partners better understand current and future risks. Recognising this for some time led to the appointment of Ed Butler and to the launch of our in-house research and analysis capability.