Britain's pool of nuclear insurers is to change its status from an unincorporated association to a private limited company.

From 1 July, British Nuclear Insurers will become Nuclear Risk Insurers Ltd.

It will move to new offices in Mincing Lane, London, near Lloyd's and the centre of the London Market.

The new company is owned by its members: eight insurance companies, led by Royal & SunAlliance, and 16 Lloyd's syndicates, led by Chaucer.

Managing director Mark Tetley said: "From an operations point of view, it doesn't change very much, but it gives the entity a more formal structure.

"In the world that we live in today, with greater regulation, it's easier when there's a formal structure for the members to understand what we are."

l The pool is in discussions with the government over indemnity for third party terrorism liabilities.

The market's retention of the risk increased on 1 April to £3m and is expected to rise further.