13 October 2014 Insurance

Flood Re publishes retrocession broker tender

Flood Re, the UK Government’s scheme to pool flood risk, has published a tender for the services of a retrocession broker.

The tender invites bidders to apply for an initial four year contract, which can be extended up to seven years. The award is scheduled for early December 2014.

“The broker will provide Flood Re’s advice on retrocession and/or other protection together with catastrophe modelling services. In addition the broker will procure and place outwards reinsurance and/or other protection on behalf of Flood Re,” said the Association of British Insurers (ABI).

It added that Flood Re has received a healthy response to the managing agent tender from a number of organisations. The evaluation of these submissions is currently being finalised, with an e-auction planned for later this week. Final selection will take place before the end of October.

Tom Woolgrove, interim Flood Re chief executive officer, said: "The Flood Re programme and ABI are delighted that tender documents for the appointment of the broker have been published. Accessing global reinsurance, to transfer risk and manage volatility, is a key part of the Flood Re business model, and by using a broker's expertise, we hope to balance the cost effective placement of reinsurance with accessing innovative solutions.

"Both tenders demonstrate our good progress, and are further major milestones in implementing Flood Re."

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