Flood Re completes £2.1 billion reinsurance program

Flood Re, the U.K. government-backed reinsurance scheme, has secured the remaining approximately £800 million ($1.15 billion) of retrocession to complete its £2.1 billion reinsurance program, reported Artemis.bm.

Flood Re said that it secured this retrocession through 38 counterparties.

Flood Re had secured the first £1.29 billion slice of its retrocession program in late 2015 through 6 reinsurers.

"Securing £2.1 billion in annual protection is an important milestone towards Flood Re being ready to accept policies for flood risk households," said Flood Re CEO Brendan McCafferty.

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