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Pool Re to boost terrorism retentions

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Pool Reinsurance Co. Ltd. announced Friday it will increase its retention loss for a terrorism event by £35 million ($53.3 million), taking effect at the start of next year.

Since 2006, the Pool Re members’ retention loss had remained at £100 million ($152.4 million) for any one event. Jan. 1, 2016, the retention will increase to £135 million ($205.7 million) for any one event and will be capped at an annual aggregate of £270 million ($411.4 million) any year, a company statement said. The change is to assist in the return of a normalized U.K. terrorism insurance market, after recent events, Pool Re said in a statement.

“Our continued goal is to re-engage global capacity in the provision of terrorism cover in Great Britain, said Steve Coates, chief underwriting officer for London-based Pool Re, in the statement.

“This process started with the purchase of retrocession cover from global re-insurers in March this year, which saw significant aggregated cover provided in Great Britain for the first time since 1992. Given the industry retention had been unaltered since 2006, there seemed to be scope to return more of the risk to the local market. We will continue to examine ways to secure more capacity from insurers and re-insurers, so as to increase scheme resilience and ensure that Pool Re only provides capacity that the market is unable to.”

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