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U.K. terror insurance backstop adds former Zurich exec to board

Posted On: Sep. 1, 2015 12:00 AM CST

U.K. terror insurance backstop adds former Zurich exec to board

Pool Reinsurance Co. Ltd., the U.K. government-guaranteed terrorism backstop, has appointed Geoffrey Riddell as a nonexecutive director.

Mr. Riddell, a 30-year insurance industry veteran, most recently retired in March from Zurich Insurance Group Ltd. as regional chairman for Asia Pacific, Middle East and Africa.

Pool Re, which is funded by levies on insurers underwriting property coverage in the United Kingdom, is undergoing a modernization program.

Among changes that will take effect in October, certain buyers will be able to receive discounts on their coverage.