Guy Carpenter named retrocession reinsurance broker for Flood Re
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Guy Carpenter & Co. L.L.C. has been named the retrocession reinsurance brokerage for Flood Re, the reinsurance fund intended to offer coverage to homes in the United Kingdom that are the most vulnerable to flooding.
Flood Re, which is slated to begin operations in the summer, said Friday that Guy Carpenter has been awarded the contract to place retrocessional coverage for the fund in the global reinsurance markets.
“Guy Carpenter came through a demanding and high-caliber bidding process, and I am very pleased that they will be playing such a core role in helping Flood Re become a reality,” Flood Re CEO Brendan McCafferty said in a statement.
Flood Re, which will be a nonprofit reinsurance pool funded by levies on U.K. insurers that underwrite homeowners insurance, is expected to announce the appointment of a managing agent in the coming weeks.
The insurance industry and the U.K. government reached final agreement in December that the program would cover even high-value homes.
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