Guy Carp chosen as Flood Re broker

Flood Re, the UK Government's scheme to pool flood risk, has appointed Guy Carpenter as its reinsurance broker.

Guy Carp will work with Flood Re to develop its reinsurance strategy, which will ensure that Flood Re

is able to handle flood losses vastly in excess of anything in living memory.

Flood Re also expects to announce the appointment of its managing agent – which will be responsible for setting up and running Flood Re’s operations and systems - within the next two weeks.

Charles Whitmore, Guy Carpenter’s head of property solutions group, said: “Guy Carpenter is delighted to be supporting Flood Re. This initiative provides a long-term, viable solution to the key challenge of ensuring coverage for UK households in high flood risk areas, and we are proud to be part of such an important and essential undertaking.”

Brendan McCafferty, Flood Re’s chief executive officer, said: “This appointment is crucial to delivering Flood Re.  Guy Carpenter came through a demanding and  high-calibre bidding process, and I am very pleased that they will be playing such a core role in helping Flood Re become a reality.”