Flood Re has reported strong financial results as the UK flood reinsurance scheme enters its second decade.

The joint government and insurance industry initiative has supported an estimated 353,000 households in the year to 31 March 2026, reporting a pre-tax profit of £48.8m, with £1,074.7m in invested and liquid assets, and a solvency capital ratio of 324%.

The scheme has now supported more than 742,000 households since launch, with around 23% of properties ceded during the year new to Flood Re.

Flood Re confirmed that Bridget Rosewell will step down as chair and non-executive director once a successor is appointed. She will remain in post during the transition. Rosewell has been appointed chair of a new Department for Transport taskforce on transit systems.

Perry Thomas, CEO of Flood Re, said: "Flood Re was created to ensure that households at high risk of flooding can access affordable insurance and these results show that the Scheme continues to deliver on that purpose despite a highly challenging external landscape.

"As we enter our second decade, we are building on ten years of success with a stronger focus on resilience and ensuring that support reaches those who need it most. That will help households, communities and the insurance market become better prepared for the future.

"I would also like to thank Bridget for her outstanding leadership as chair. She has made an enormous contribution to Flood Re and leaves the Scheme in a strong position for its next chapter.”

Bridget Rosewell, chair of Flood Re, added: “It has been a privilege to serve as Chair during such an important period for Flood Re. I am incredibly proud of what the organisation has achieved over the past decade in helping hundreds of thousands of households access affordable flood insurance.

"Flood Re now enters its next phase with a clear vision, a talented team and a renewed focus on resilience and supporting those who need it most. I have every confidence that it will continue to make a real difference throughout its second decade, as it prepares for the planned transition to a sustainable flood insurance market in 2039."

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