Terrorism Reinsurer Secures Cover For Trade-Loss Policies
Law360, London (July 9, 2019, 3:42 PM BST) -- Britain's terrorism reinsurer said it has secured cover worth up to £40 million ($50 million) to protect itself when it pays out to businesses that have lost custom because they cannot trade in the aftermath of a terrorist attack.
Pool Reinsurance Co. Ltd., the state-backed reinsurer for terrorist attacks, said on Monday that it has been given so-called retrocession cover from reinsurance broker Guy Carpenter & Co. LLC with a limit of £40 million. Retrocession insurance gives cover to reinsurance providers, allowing them to spread liability and risks to other companies in the market.
Pool Re’s retrocession policy is being led...
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