Gov't Terrorism Reinsurer Expands To More Businesses
Law360, London (January 6, 2020, 3:24 PM GMT) -- The U.K.’s government-backed terrorism reinsurance fund said Monday it has changed its criteria for insurance against acts of political violence to make the cover cheaper and more accessible.
Pool Re, a government reinsurer focusing on protecting businesses against terrorism, said it plans to start the new decade by taking “significant steps” to reduce the costs of terrorism insurance for cedants — the parties in a reinsurance contracts that pass losses onto insurers — and ultimately for consumers.
“These changes overall are about reducing the cost of reinsurance,” Julian Enoizi, Pool Re's chief executive, said. “We hope that they will enable more businesses...
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