Pool Re has awarded Guy Carpenter a renewed reinsurance broking contract for the next three years, with an option to extend for an additional two years.
The renewal was the result of a competitive tender process and is part of Pool Re’s broader strategy to modernize its treaty arrangements.
As part of the deal, Guy Carpenter will continue supporting Pool Re in returning risk and premium to the private sector, insulating UK taxpayers from the financial risks associated with terrorism.
Pool Re’s reinsurance programme is estimated to underpin approximately 90% of commercial property terrorism coverage in Great Britain, safeguarding over £2 trillion in assets belonging to businesses of all sizes across various sectors, including real estate, retail, transport, construction, and energy.
The programme covers property damage stemming from nuclear, biological, chemical, and radiological attacks (CBRN), as well as those caused by cyber-triggered terrorist losses and conventional terrorist acts. It also covers non-damage business interruption.
In an emailed news release, CEO Tom Clementi emphasised the importance of the renewed contract in accomplishing Pool Re’s remit.
“The reinsurance that Pool Re buys is a fundamental part of our effort to find proactive ways to return risk to the market which is, in turn, a pre-condition of the unlimited financial support we continue to receive from HMT,” said Clementi. “Our reinsurance programme, which is the largest terrorism reinsurance programme in the world and has included two groundbreaking ILS deals, is core to our strategy and we are delighted to have reappointed Guy Carpenter as our reinsurance broker. Guy Carpenter has significant skills and experience in this area and will continue to be an important partner for us.”
Paul Moody, CEO of Guy Carpenter, UK, also commented on the renewal, expressing his enthusiasm over maintaining the firm’s long-standing relationship with Pool Re.
“We are delighted to be able to continue our long partnership with Pool Re which has seen the company achieve so much with the support of our terrorism and public sector focused practices,” said Moody. “The next few years will once again be pivotal for Pool Re and we are proud that they have chosen to work with Guy Carpenter on this next phase of their journey.”
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