5 February 2015 Insurance

Flood Re appoints first chairman

Flood Re, the UK Government's scheme to pool flood risk, has appointed Mark Hoban, the former financial secretary to the treasury, as its first chairman.

Hoban was appointed following an external competitive recruitment process conducted by Odgers Berndtson on behalf of the Association of British Insurers (ABI), industry chief executive officers (CEO) and Flood Re CEO Brendan McCafferty.

Brendan McCafferty, Flood Re’s CEO, said: “Mark’s appointment as chairman of the Flood Re Board will bring significant benefits as we enter a crucial stage in the implementation of Flood Re. Mark brings a wealth of experience within both financial services and government, and I am very much looking forward to working with him.”

Hoban said: “Flood Re is an important initiative for both government and the insurance sector. It will help insurers continue to provide flood cover to high risk households and ensure that the cost of flood damage is met through an insurance solution. I am delighted to be its first chairman and have the opportunity to take this new initiative forward.”

Huw Evans, ABI’s director general, added: “Flood Re is a world-first partnership between the state and insurance sector. In selecting its first chairman, the appointment panel was looking for an individual who combined strong ministerial and parliamentary experience with a clear understanding of the insurance industry. I am delighted Flood Re will have someone of Mark's calibre to lead its board.”

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