This article from Reinsurance News describes how Pool Re, the UK government’s terrorism reinsurance program, has renewed its contract with Guy Carpenter for reinsurance broking services for 3 years, with an option to extend for 5 years.
Guy Carpenter will support Pool Re in returning risk and premium to the private sector, which in turn, helps distance UK taxpayers from the risks that the British reinsurer mutualizes on their behalf. Pool Re covers about 90% of commercial property in the UK, protecting more than GBP 2 trillion worth of assets across a wide range of business sectors.
“Our reinsurance program, which is the largest terrorism reinsurance program in the world and has included 2 groundbreaking ILS (insurance-linked securities) deals, is core to our strategy, and we are delighted to have reappointed Guy Carpenter as our reinsurance broker,” said Tom Clementi, CEO of Pool Re. “Guy Carpenter has significant skills and experience in this area and will continue to be an important partner for us.”
“We are delighted to be able to continue our long partnership with Pool Re, which has seen the company achieve so much with the support of our Terrorism and Public Sector-focused practices,” added Paul Moody, CEO of Guy Carpenter, UK. “The next few years will once again be pivotal for Pool Re, and we are proud that they have chosen to work with Guy Carpenter on this next phase of their journey.”
Similar articles appeared in The Insurer and Insurance Business.