Pool Re includes cyber terrorism in increased retro cover

UK mutual reinsurer Pool Re has extended its retrocession programme cover to include material damage and direct business interruption (BI) caused by acts of terrorism using remote digital interference at renewal.

The renewed cover has been increased by £100 million to £2.1 billion and has been placed with an expanded panel now comprising 47 reinsurers, with Munich Re continuing to be the largest market.

The three-layer programme matches the cover provided to Pool Re member insurers, with cyber terrorism now included along with chemical, biological, radioactive and nuclear risks. This represents the most comprehensive and largest terrorism retro placement in the world, Pool Re claimed.

“We have sought to make the cover we provide truly reflective of the risks our member insurers face and also to future proof the scheme to ensure it represents the most comprehensive terrorism reinsurance cover possible,” said Pool Re CEO Julian Enoizi.

“The appetite to engage with the programme has been exceptional and reflects the reinsurance market’s comfort with the risk and the modelling information provided by Pool Re. It also highlights their support for the pool model, which provides them with sufficient information to determine the level of capacity they are comfortable providing. We will continue to seek to extend our programme, in line with our cost and security parameters,” Enoizi added.

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