UK's Reinsurer Ditches Event Cover Against Terror Attack
Law360, London (January 7, 2019, 4:10 PM GMT) -- Britain’s state-backed terrorism reinsurer said on Monday that it will no longer cover its members against losses at events caused by acts of terrorism because insurers can find sufficient cover within the U.K.’s commercial markets.
Pool Reinsurance Co. Ltd. said that it will no longer cover insurers' contingency losses that arise from terrorist attacks after the first quarter of 2019. Contingency reinsurance cover protects insurers against losses from risks at events such as sports matches, concerts and musicians' tours.
“The purpose of Pool Re is to provide reinsurance cover against terrorism losses where the commercial market is unable to do so...
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