Flood Re prepares to secure £2.1bn reinsurance cover
Tuesday, 07 07 2015, Category: Insurance and Reinsurance, Country: United Kingdom
Flood Re, the UK Government’s scheme to pool flood risk, has unveiled plans to secure £2.1 billion of reinsurance cover, one of the largest purchases in the world.
The three to five year programme will be one of the five largest ‘natural peril’ reinsurance deals struck globally and the second biggest in Europe, according to Flood Re.
With plans to accept its first policy in April 2016, a detailed business plan has recently been submitted to the UK’s financial regulators for regulatory approval.
Source: Intelligent Insurer