Pool Re gets backing of 47 member-strong reinsurer panel as it extends retrocession cover to cyber terrorism
Pool Re has renewed its retrocession programme and extended the coverage to include damage from acts of cyber terror. It now boasts a beefed up panel of reinsurance backers.
The cover will now include material damage and business interruption that occurs because of remote digital interference. In 2017, Pool Re confirmed that it was only looking to cover physical damage done, not intangible assets.
The renewed cover already covered chemical, biological, radioactive and nuclear risks.
The cover, which is brokered by Guy Carpenter, has been increased twenty-fold, from £100m to £2.1bn.
“We have sought to make the cover we provide truly reflective of the risks our member insurers face and also to future proof the scheme to ensure it represents the most comprehensive terrorism reinsurance cover possible,” explained Pool Re chief executive Julian Enoizi.
The extension and addition of cyber cover is the result of months of collaboration with Pool Re’s reinsurance panel, which now has 47 reinsurers, in addition to Guy Carpenter and the Cambridge Centre for Risk Studies.
Enoizi continued: The appetite to engage with the programme has been exceptional and reflects the reinsurance market’s comfort with the risk and the modelling information provided by Pool Re. It also highlights their support for the pool model, which provides them with sufficient information to determine the level of capacity they are comfortable providing.”
The chief executive confirmed that Pool Re will seek to continue to expand its offering.