Pool Re has increased its commercial reinsurance cover to £2 billion, compared to the £1.95 billion of cover previously in place.
The renewed cover is intended to increase the sustainability of the pool and strengthen the UK’s terrorism resilience for future years.
The Pool Re scheme was set up in 1993 by the insurance industry in cooperation with the UK Government.
The two-layer programme, placed with a panel of reinsurers led by Munich Re and brokered by Guy Carpenter, mirrors the cover currently provided to Pool Re members, including chemical, biological, radioactive and nuclear risks.
Steve Coates, chief underwriting officer at Pool Re, said: “This increased retrocession limit is not only evidence of Pool Re’s strategy to protect its stakeholders, but also to allow 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.”