Major board reshuffle at Flood Re as clock ticks for its exit in few years

UK government-backed reinsurer  Flood Re has made major board changes as it moves into the next phase of its development towards its exit from the market in 2039.

The company has appointed Shirel Stedman (Pictured), a flood and climate expert, as a non-executive director (NED). Her appointment follows news of Professor Paul Leinster CBE stepping down from the board at the end of March 2023 after seven years.

The changes come at a “critical time” with climate change on the rise and just 16 years left for Flood Re to ensure the insurance market can continue to deliver affordable and available flood insurance following its exit from the market, the company said in a statement.

Stedman joins Flood Re board with over 30 years’ experience in flood resilience, climate change, and water across the public and private sector, having held a number of major roles in the sector.

Stedman currently works at the Ministry of Defence as global head of growth, leading the development of hydrographic data, and acts as chair of the Severn and Wye Regional Flood Coastal Committee. She brings significant board experience, including as board member of the Chartered Institute of Water and Environmental Management.

Mark Hoban, Chair, Flood Re, said: “I am delighted we have appointed Shirel who brings a wealth of knowledge about flooding and water management, the environment and technical expertise. Her passion for this sector along with a strong network and enthusiasm will enhance the diversity of perspectives on the board to guide Flood Re as we work towards our exit from the market in 2039.

“I would also like to thank Paul Leinster for his valuable contribution to the Flood Re board since its formation in 2016. Paul has played a key role in guiding the direction of Flood Re; helping to ensure the delivery of affordable and available home insurance for those in high flood risk areas.”

Stedman, commented: “I am delighted to be joining the Flood Re board at such a critical time. Managing flood risk has never been more important as we face a global climate emergency. I am passionate about flood management and look forward to working with the wider leadership team to navigate the challenges ahead using my technical skills and expertise to build on Flood Re’s excellent work.”

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