Treasury to collect £175m from Pool Re in 2015

The UK government is expected to receive £175 million from Pool Re, the mutual reinsurer that provides terrorism cover for commercial property in the UK, from January 1, 2015.

In the Treasury’s autumn statement, UK Chancellor of the Exchequer George Osborne, said that the UK government is expected to receive an extra £50 million for this fiscal year and £175 million for each year after that.

This follows negotiations between Pool Re and the Treasury in November which concluded with an extraordinary general meeting where Pool Re members voted in favour of proposed modernising amendments.