Pool Re increases limit to £2bn
Written by staff reporter
Pool Re has increased its commercial reinsurance cover to £2bn, an increase on its previous limit of £1.95bn. The two-layer programme, brokered by Guy Carpenter and placed with a stable and secure panel of reinsurance companies (which includes Members of Pool Re as well as global reinsurers) led by Munich Re, mirrors the cover currently provided to Pool Re members and includes chemical, biological, radioactive and nuclear terrorism risk.
Chief underwriting officer at Pool Re, Steve Coates, said this increased retrocession limit is not only evidence of Pool Re’s strategy to protect its stakeholders, but also allows the market to write as much UK terrorism risk as they are able. “We will continue to extend our protection in the future, within the boundaries of cost and counter-party security,” he said.