terrorism reinsurance News

Aon Benfield Taps Paire & Karhan from Carpenter for Capital Advisory, Terrorism Specialty Units

Aon Benfield, the global reinsurance intermediary and capital adviser of Aon plc, announces two new high profile appointments to lead its Capital Advisory and Terrorism Specialty divisions: Eric Paire and Emma Karhan, respectively. Reporting to Nick Frankland, UK CEO of …

Pool Re Extends Retrocession Program to $2.9B with Cyber Terrorism Now Covered

Pool Re announced it has renewed its retro program and extended the cover to include material damage and direct business interruption (BI) caused by acts of terrorism “using remote digital interference.” The renewed cover, brokered by Guy Carpenter, has been …

Pool Re to Include Physical Damage from Cyber Terrorism, Effective April 2018

Pool Re, the UK’s terrorism reinsurance pool, announced it will extend its cover to include material damage and direct business interruption caused by acts of terrorism using a cyber trigger. The new cover will be available in April 2018. The …

UK’s Terrorism Reinsurer, Pool Re, Plans to Extend Cover to Include Cyber

Britain’s 6 billion pounds ($7.3 billion) terrorism reinsurance fund hopes to extend its cover to include cyber attacks on property, chief executive Julian Enoizi said. Pool Re, set up in 1993, acts as a backstop to insurers paying out claims …

UK’s Pool Re Increases Reinsurance Cover to £2B ($2.5B)

Pool Re announced it has increased its commercial reinsurance cover to £2 billion ($2.5 billion), compared with the £1.95 billion ($2.4 billion) of cover previously in place. The placement further distances the UK Treasury, and thus, ultimately, the UK taxpayer …

International Forum of Terrorism Risk Re/Insurance Pools Launched

Pool Re, the state-backed UK reinsurer that covers terrorism related commercial property losses, announced the launch of the International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool Re led initiative, which …

UK’s Pool Re Renews Reinsurance Cover for Another 3 Years

Pool Re announced it has renewed the reinsurance cover purchased in 2015, for a further three years. The renewed cover, which now includes an additional layer, provides £1.95 billion ($2.8 billion) of commercial reinsurance compared with £1.8 billion ($2.6 billion) …

Revised TRIA Law Could Harm Small Insurers, Warns S&P

Standard & Poor’s offered a note of caution about the reauthorization of the federal terrorism reinsurance program, warning that changes made by Congress to boost co-insurance and deductibles could hurt small insurers moving forward. The revised Terrorism Risk Insurance Act, …

House Passes TRIA Renewal With Higher Government Trigger, Insurers’ Co-Pay

The U.S. House voted Dec. 10 to extend by six years a federal backstop for insurers offering coverage against terrorism, advancing efforts to retain a program created in response to the attacks of Sept. 11, 2001. House lawmakers passed the …

House Releases Terrorism Insurance Bill But Senate Uncertain

House leaders released a proposed six-year extension of a federal program to insure property against the risk of terrorism, including a Republican proposal to revise a bank regulatory law. The measure will be brought to the the House floor tomorrow, …