Lloyd’s Canopius launches Flood Re scheme

Lloyd’s specialty re/insurer Canopius agreed to cede risks to the UK government-backed Flood Re scheme.

The move will enable Canopius to provide more effective insurance for homeowners living in flood prone areas of the UK, according to a Dec. 14 statement.

“We understand how distressing and disruptive flooding can be to customers and the Flood Re scheme is hugely beneficial to our customers in enabling them to find insurance solutions,” said Stephen Snook, head of Canopius UK Specialty.

“We are delighted to be one of the first Lloyd’s insurers to offer this great benefit alongside the flexible and bespoke solutions we already provide to our coverholders.”

Flood Re is a pool arrangement the government has pledged to support until 2039, providing homeowners in high-risk, flood-prone areas with the ability to obtain affordable insurance. The number of policies backed by Flood Re has increased to 142,000 in December from 53,000 a year ago, according to a statement.

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