Pool Re (Nuclear)

This article is part of the Nuclear Spin project of Spinwatch.

Background

Pool Re and Pool Re (Nuclear) are mutual reinsurance companies, owned by insurers. Their role is to provide terrorism cover for damage to industrial and commercial property or nuclear facilities and consequential business interruption following a terrorist attack in Great Britain (excluding Northern Ireland). HM Treasury carries the contingent liability for the risk that the losses incurred by Pool Re or Pool Re (Nuclear) exceed their available resources. The total reserves of Pool Re as at the date of their last published accounts (December 2011) were £4.5 billion (2010: £4.2 billion) and of Pool Re (Nuclear) were £26.5 million (2010: £25.5 million). In the event of losses exceeding Pool Re’s or Pool Re (Nuclear)’s available resources, HM Treasury will fund the difference which will be repaid by Pool Re or Pool Re Nuclear over time. Maximum potential liabilities under this arrangement are therefore considered unquantifiable. These arrangements are given statutory authority under the Reinsurance (Acts of Terrorism) Act 1993.

Affiliations

• MHP Communications - lobbyists