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Member, Beacon International Group, Ltd.
Pool Reinsurance Co. Ltd., the U.K. government-guaranteed terrorism backstop, has appointed Geoff Riddell as nonexecutive chairman, it announced Wednesday.
Mr. Riddell will succeed Tony Latham, who is retiring.
Mr. Riddell last year was appointed a director of Pool Re.
He previously was CEO and chairman of the Zurich Global Corporate arm of Zurich Insurance Group Ltd.
Mr. Latham joined Pool re as a director in 1996 and served as chairman for 12 years.
“Tony Latham has had a profound influence on Pool Re since joining in 1996. It is a tribute to him that he leaves the company in such good health, having helped to develop Pool Re to become a leading example of a public/private partnership,” Mr. Riddell said in a statement.
“My job is to ensure that Pool Re continues to represent the leading example for terrorism reinsurance, able to broaden and adapt its proposition in the face of a rapidly shifting risk landscape,” he added.
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.