Pool Re deal unanimously accepted

Members of Pool Re, the mutual reinsurer that provides terrorism cover for commercial property in the UK, have voted in favour of proposed modernising amendments.

At its extraordinary general meeting, members voted unanimously on adjustments to the agreement, which included permission from the UK Treasury to purchase external retrocession cover.

Tony Latham, chairman of Pool Re, said: “Today's EGM is the culmination of many months of negotiations with Her Majesty's Treasury. I am therefore delighted that our Members have voted unanimously in favour of the resolutions which the board recommended.

“In the context of where the discussions began, the concessions which have been secured as well as the acceptance by HMT of the modernisation plans which we wish to pursue, I am sure that this agreement will benefit our Members, original policyholders and the insurance industry as a whole.

“This vote has secured the long-term future of Pool Re and, as a result, the provision of terrorism insurance in Great Britain.”