Flood Re
Insurance - City of London, London, UK
Flood Re Details
Flood Re Limited ("Flood Re" or "the Company") is the Scheme Administrator for the Flood Reinsurance Scheme (Flood Re Scheme) and is principally engaged in the provision of flood peril reinsurance cover within the UK. The Flood Re Scheme is a joint initiative between the UK insurance industry and the UK Government. The Flood Re Scheme was established by the Water Act 2014. Further details of the Scheme can be found on the Company's website at www.floodre.co.uk.Flood Re's purpose is to promote the availability and affordability of flood insurance for eligible homes, while minimising the costs of doing so, and manage, over its lifetime, the transition to risk reflective pricing for household flood insurance.In order to do this, Flood Re provides reinsurance cover at a subsidised fixed rate to insurers, resulting in an expected underwriting loss each financial year. The Company finances this through a £180m levy on UK Household Insurers. The levy also finances the purchase of an outwards reinsurance programme to protect the Company up to a £2.1bn maximum liability limit.Flood Re is a mutual reinsurer and was incorporated in August 2013 as a private UK Company limited by guarantee. Regulations designating the Flood Re Scheme came into force on 11 November 2015, providing Flood Re the power necessary to fulfil its purpose. On 1 April 2016, Flood Re was authorised by the Prudential Regulatory Authority ("PRA") and the Financial Conduct Authority ("FCA"). Flood Re launched on 4 April 2016.
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