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Flood Re Ltd., the government-backed household insurance plan for homes in flood risk areas of the United Kingdom, was launched Monday and assigned an A- financial strength rating by Standard & Poor's Corp.
Flood Re enables participating insurers to pass on the flood risk element of homeowners policies.
Flood Re is funded by a levy of £180 million ($256.1 million) a year on U.K. household insurers.
The size of the levy will be reviewed after five years.
The London-based reinsurer is backed by the U.K, government and also has a £2.1 billion ($2.99 billion), three-year retrocessional program backed by international reinsurers.
I am delighted to announce that Flood Re is now live and ready to accept policies,” CEO Brendan McCafferty said Monday in a statement.
“This should make flood cover more affordable and accessible to those in high flood risk areas over time,” he added.
S&P said its A- rating of Flood Re reflected it opinion “of Flood Re's satisfactory business risk profile and strong financial risk profile.”
Many businesses in areas of the northern United Kingdom are facing insurance losses after a series of December storms caused widespread flooding across the region.