UK government-backed terrorism reinsurer Pool Re has completed a 2026 retrocession arrangement, securing excess loss cover totaling £2.75bn, including new non-damage business interruption (NDBI) cover.
In terms of scale, the £2.75 billion of Vintage Reinsurance protection secured through this 36-month placement remains unchanged from renewals in 2025, with placements to 65 international reinsurers in 2026.
The scheme provides reinsurance for property damage caused by acts of terrorism certified by the UK Government, including chemical, biological, radiological and nuclear incidents, as well as losses caused by remote digital disruption. By 2026, the scheme has been expanded to include cover for non-damaging business interruption, with a limit of £25 million.
Pool Re’s retro scheme shifts risk to the private market and aims to ensure every business in the UK has access to affordable, comprehensive terrorism insurance. The terrorism reinsurer provides commercial property reinsurance against losses caused by terrorism on an ‘all risks’ basis, providing a financial safety net to businesses of all sizes in the region with over £2 trillion in assets.
Jonathan Gray, chief underwriting officer at Pool Re, said: “This marks another successful milestone for the business. It is very encouraging to have such strong support from reinsurers, with many partners increasing their underwriting capabilities. The strong market response reinforces our belief in our strategy and our position as the ultimate backstop against terrorism in the UK commercial property market.”
Tom said: “We are delighted to have once again successfully completed the renewal of our retrocession scheme, with the invaluable support of Guy Carpenter. With the support of a record number of retrocession partners, the scheme remains a core part of our strategy to put risk back into private hands, protecting the UK taxpayer from the losses caused by a major terrorism event. While strengthening Pool Re’s capital position and protecting members’ funds, the scheme also ensures that Pool Re Being able to provide the UK economy with resilience when needed” Clementi, CEO of Pool Re.
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