Pool Re has renewed its reinsurance broking contract with Guy Carpenter for three years, with an option to run to five. Guy Carpenter will support Pool Re in returning risk and premium to the private sector. This will help distance UK taxpayers from the risks that Pool Re mutualises on their behalf. The renewal comes as Pool Re seeks to modernise treaty arrangements, which it says represents “the most fundamental structural shift” it has seen during its 30-year lifespan. Pool Re’s reinsurance is estimated to underpin around 90 per cent of the commercial property terrorism cover in the UK. Tom Clementi, CEO of Pool Re, comments: “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 precondition of the unlimited financial support we continue to receive from the HM Treasury.” He adds: “Our reinsurance programme, which has included two ILS deals, is core to our strategy and we are delighted to have reappointed Guy Carpenter as our reinsurance broker.”
