Pool Re, a terrorism reinsurer backed by the UK government, has created a dedicated unit to offers insurers and businesses terrorism-focused solutions.
The reinsurer said that it will use the new unit to support its membership by sharing understanding, terrorism modelling and risk management techniques that it has built up over the last 25 years.
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Named Pool Re Solutions, the new unit primarily consists of risk awareness team, risk modelling team, and risk management team.
The risk awareness team, according to the company, will offer intelligence, data and analysis on terrorism threats from various sources such as the Global Terrorism Database.
The risk modelling team will focus on developing terrorism modelling tools to bolster the deployment of capacity into terrorism reinsurance and supporting better pricing.
The risk management team will focus on linking government agencies with risk professionals and insurers to make sure that best practices are shared.
Pool Re CEO Julian Enoizi said: As the terrorism threat continues to change and become more complex, there has emerged a corresponding need for Pool Re to support its members with an equally dynamic set of underwriting tools, technical services, training, and insight, to support the traditional provision of reinsurance cover.
“I am confident that Solutions will allow us to meaningfully address the information and demand gaps currently presenting challenges such as underinsurance in the SME sector, and enable Pool Re to continue to bridge and harness the best from both of their public and private partners.”
