Pool Re appoints GC Securities to explore ILS options
Pool Re has appointed GC Securities, a division of MMC Securities LLC, as its insurance-linked securities (ILS) advisor and placement agent.
The partnership will enable Pool Re to further assess its options from the ILS market, including the types of structures available, the viability of a placement and the ILS market’s appetite for terrorism risk, according to a statement.
“One of Pool Re’s core aims is to normalise the UK’s terrorism re/insurance market and allow as much of the risk as possible to be underwritten in the commercial markets,” Pool Re CEO Julian Enoizi, said.
“Extending our protection by accessing the ILS market is something which we have been looking at for some time. With recent legislative change in the UK, the environment is now conducive to exploring this further. We have significantly improved our own understanding of the risk, developing more robust modelling capabilities and gaining significant experience from the success of our reinsurance programmes. Now is the right time to explore the appetite of broader capital for this increasingly well understood peril.”
Pool Re was formed in 1993 by the insurance industry in cooperation with the UK government in the wake of the IRA bombing campaign on the UK mainland. Structured as a commercial reinsurer, Pool Re is a mutual whose members comprise the vast majority of insurers and Lloyd’s syndicates which offer commercial property insurance in Great Britain. Ceding terrorism risk to Pool Re affords member insurers a guarantee ensuring that they can provide cover for losses resulting from acts of terrorism, regardless of the scale of the claims.
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