Britain’s government-backed terrorism reinsurer, Pool Re, has completed the placement of its 2026 retrocession placement, securing £2.75 billion of aggregate excess of loss cover, including new cover for non-damage business interruption (NDBI).
In terms of the size, the £2.75 billion of retro reinsurance protection secured through this 36 month placement is unchanged from the 2025 renewal, and for 2026 was placed with 65 international reinsurance companies.
The programme provides reinsurance for property damage resulting from acts of terrorism certified by the UK Government, and includes chemical, biological, radiological and nuclear events, as well as damage caused by remote digital interference. For 2026, the programme has been expanded to include cover for non-damage business interruption, sub-limited to £25 million.
Pool Re’s retro programme transfers risk to the private market and is designed to ensure every business in Great Britain has access to affordable and comprehensive terrorism insurance. The terrorism reinsurer offers commercial property reinsurance cover for losses caused by terrorism on an “All Risks” basis, offering a financial safety net for more than £2 trillion of assets belonging to businesses of all sizes in the region.
Jonathan Gray, Pool Re’s Chief Underwriting Officer, said: “This marks another successful milestone for the business. It’s very encouraging to have received such strong support from reinsurers, with a number of partners increasing their capacity. The strong market reception reinforces our conviction in our strategy and in our role as the ultimate backstop against terrorism for the UK Commercial Property market.”
“We are delighted to have completed yet another successful renewal of our retrocession programme with the invaluable support of Guy Carpenter. Backed by a record number of retrocession partners, the programme remains a core part of our strategy to return risk into private hands and thereby distance the UK taxpayer from loss following a major terrorism event. In bolstering Pool Re’s capital position and safeguarding Members’ funds the programme also ensures that Pool Re is well placed to provide resilience to the UK economy should it ever be needed,” said Tom Clementi, Pool Re’s Chief Executive Officer.
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