Pool Re has completed placement of a new retrocession programme with more than 60 international reinsurers.

Providing £2.75bn of aggregate excess of loss cover, increased from £2.4bn, the placement was brokered by Guy Carpenter, with Hannover Re and The Fidelis Partnership among those providing pricing guidance.

The expanded programme was designed to shift more financial risk arising from acts of terrorism away from the UK taxpayer and back to the private market, with the goal of keeping terrorism insurance accessible and affordable for businesses. It provides reinsurance for property damage resulting from acts of terrorism certified by the UK Government, covering both conventional and CBRN attacks, as well as those from a limited cyber extension.

Jonathan Gray, Pool Re’s CUO, commented: “We are pleased with the strong support received from reinsurers, with many existing markets increasing their capacity and a number of new partners added to our panel. This increased participation reflects confidence in our approach and enhances our ability to manage risk effectively. We also value our continued collaboration with Guy Carpenter in securing this deal.”

Tom Clementi (pictured), Pool Re’s CEO, added: “The expanded programme aligns with Pool Re’s strategy to transfer UK terrorism risk to the market, further reducing the taxpayer’s exposure to potential losses. This remains a key pillar of our strategy and we are delighted with this successful outcome.”

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