UK government-backed terrorism reinsurer Pool Re has sponsored the fourth tranche of its £100m catastrophe bond, supporting UK economic resilience and protecting businesses from terrorism-related losses while containing risks in private markets.
The transaction, issued through Baltic PCC Limited, a UK-registered special purpose vehicle, provides Pool Re with £100 million of mortgage retrocession protection and is in addition to the existing Series 2025-1 Notes (issued in April 2025).
The investor spread on the January 2026 notes is 5.50%; readers can find more details on these and other deals in our sister publication Artemis’ deal directory.
Pool Re explained that the additional catastrophe bonds bring its total ILS protection to £200 million, a record level for a capital markets-backed terrorism catastrophe bond series.
Tom Clementi, CEO of Pool Re, commented: “We are delighted to have successfully completed our fourth catastrophe bond issuance and are proud of our role as the ultimate backstop supporting economic confidence and national resilience.
“By easing the financial burden on British taxpayers, we protect them from the financial consequences of a terrorist incident.
“This latest issuance demonstrates our strong commitment to developing innovative ILS solutions for terrorism beyond traditional markets to maintain the UK’s counter-terrorism capabilities.”
Aon Securities Limited and Howden Capital Markets & Advisory (HCMA) acted as structuring agents and joint bookrunners for the transaction, with Clifford Chance acting as legal advisor.
Jordan Brown, Managing Director at Aon Securities, said: “Aon Securities is pleased to support Pool Re’s fourth successful transaction in the ILS market. We have witnessed a strong response from the global investor community to this year’s issuance, which reflects continued confidence in Pool Re and its role in driving private sector participation in the financing of terrorism risk.”
Philipp Kusche, Chairman of Howden Capital Markets & Advisory (HCMA) Europe and Co-Head of Global ILS, added: “The ILS market is a unique way of diversifying reinsurance risk and offers many advantages, and it is truly encouraging to see Pool Re successfully enter the market for the fourth time.
“Pool Re’s continued commitment lays the foundation for further issuances in the future and supports the industry’s ability to withstand terrorism.”
