The UK’s Flood Re has announced the appointment of Capita as its Managing Agent, following what it described as a “detailed and rigorous public procurement process for a five year contract that led to a number of high quality responses.
“Capita will be responsible for working with Flood Re and the industry to build and then run Flood Re’s business operations, systems and controls prior to regulatory approval at a later stage. Capita will, in due course, manage the day to day aspects of the business including the ceding process, inwards and outwards reinsurance claims settlement and accounting processes.”
Capita’s, joint chief operating officer Vic Gysin commented: “The confidence that has been shown by Flood Re in our highly skilled team is testament to the expertise and reputation we have built in the insurance industry and reflects the commitment we have made to this market. We look forward to working with Flood Re over the long-term as we deliver this important program to benefit UK homeowners.”
Brendan McCafferty, Flood Re’s CEO, added: “This appointment is a crucial component in the delivery of Flood Re and we are grateful to Capita for their excellent response to tender and for their collaboration with us in recent weeks. We are now focused on working hard with Capita to get ready to share the operational details of Flood Re with the industry.”
Source: The Association of British Insurers (ABI)
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