Pool Re treaty modernisation to enable more flexibility for members
Pool Re members and HM Treasury have backed the board’s proposals to transform the government-backed terrorism reinsurer, switching the model of the scheme’s offering in a move the carrier stated would keep it relevant and fit for purpose in the digital age.
The reinsurance arrangements supplied will change (see box, below) from the current facultative obligatory treaty to an annual aggregate catastrophe excess of loss treaty in April 2025.
Pool Re stressed there would be no changes to the cover it provided and argued the development would allow members more flexibility to underwrite terrorism commercial property damage and business interruption risks in line with its strategic priorities and risk appetite.
According to Pool Re, this would create the
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