Pool Re today announced that, following a competitive RFP, it has appointed GC Securities, a division of MMC Securities LLC, as its insurance linked securities (ILS) advisor and placement agent. This partnership will enable Pool Re to further assess its options from the ILS market, including the types of structures available, the viability of a placement and the ILS market’s appetite for terrorism risk.
Julian Enoizi, chief executive, Pool Re, said: “One of Pool Re’s core aims is to normalise the UK’s terrorism (re)insurance market and allow as much of the risk as possible to be underwritten in the commercial markets. Extending our protection by accessing the ILS market is something which we have been looking at for some time. With recent legislative change in the UK, the environment is now conducive to exploring this further. We have significantly improved our own understanding of the risk, developing more robust modelling capabilities and gaining significant experience from the success of our reinsurance programmes. Now is the right time to explore the appetite of broader capital for this increasingly well understood peril.”
James Nash, President, International, Guy Carpenter, said: “We are delighted and honoured to be awarded this prestigious appointment. Guy Carpenter has worked closely with Pool Re to assist with the development of its innovative risk model and the placement of its traditional reinsurance programme. This new engagement provides an exciting opportunity to explore the benefits of structuring and placing terrorism risk with the ILS market. It is also an opportunity to showcase the UK ILS industry and enhance Pool Re’s position as a pioneer in the global terrorism reinsurance market.”
Haggie Partners LLP
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About Pool Re
Pool Re was formed in 1993 by the insurance industry in cooperation with the UK Government in the wake of the IRA bombing campaign on the UK mainland. Structured as a commercial reinsurer, Pool Re is a mutual whose member insurers comprise the vast majority of insurers and Lloyd’s Syndicates which offer commercial property insurance in Great Britain. Ceding their terrorism risk to Pool Re affords member customers a guarantee ensuring that they can provide cover for losses resulting from acts of terrorism, regardless of the scale of the claims.
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist. Since 1922, the company has delivered integrated reinsurance and capital market solutions to clients across the globe. As a trusted and valuable reinsurance broker and strategic advisor, Guy Carpenter leverages its intellectual capital to anticipate and solve for a range of business challenges and opportunities on behalf of its clients. With over 2,300 professionals in more than 60 offices around the world, Guy Carpenter delivers a powerful combination of broking expertise, strategic advisory services and industry-leading analytics to help clients achieve profitable growth. For more information on Guy Carpenter’s complete line-of-business expertise and range of business units, including GC Specialties, GC Analytics® , GC Fac® , Global Strategic Advisory, GC Securities*, Client Services and GC Micro Risk Solutions® , please visit www.guycarp.com and follow Guy Carpenter on LinkedIn and Twitter @GuyCarpenter.