Pool Re begins hunt for new CEO, Enoizi to step down amid review
Julian Enoizi (pictured) has decided to step down as the chief executive officer (CEO) of Pool Re, the UK government-backed terrorism mutual reinsurer that is set to undergo a major review amid the heightened risk environment.
The review, announced late last year, aims to set the strategic direction of Pool Re for the next five years and deliver an assessment and implementation plan for any necessary changes that are identified. It will be conducted by Her Majesty’s Treasury (HMT), with close engagement with Pool Re and stakeholders across Whitehall and in consultation with the UK re/insurance sector.
Enoizi will step down from his position as CEO after leading the mutual for eight years in the spring of 2022. The company has begun a process to identify Enoizi’s successor and an announcement will be made in due course.
Pool Re said it has undergone “significant development” under Enoizi’s leadership. During his tenure, the buffer between the UK taxpayer and terrorism loss more than doubled from £5 billion in 2013 to £12 billion today. This was achieved both through the growth of the fund and the implementation of the world’s largest terrorism reinsurance programme combined with an innovative ILS issuance. Additionally, the company invested in risk mitigation initiatives in partnership with government and the counter-terrorism police.
Furthermore, Pool Re introduced risk-reflective pricing, the extension of cover to include cyber and non-damage business interruption, increased engagement with the academic sector to further the understanding of both terrorism risk and its management, and established its risk advisory division Pool Re Solutions.
Internationally, Enoizi spearheaded global collaboration through the foundation of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP), enabling knowledge sharing and exchange of experience in areas such as mitigation and capacity building across national terrorism pools.
Angela Knight, chair designate of the Pool Re board, said: “We would like to thank Julian for his transformational contribution to Pool Re over the past eight years. He has overseen the development of a passive mechanism of risk transfer into a dynamic organisation that offers market leading research, analysis, thought leadership, risk management guidance and which as a result, is firmly established as a critical component of both the financial and governmental infrastructure. Julian has also been tireless in working to achieve a signed framework agreement governing Pool Re’s seamless transition to an Arm’s-Length Body of government. We wish him every success in his future endeavours.”
Enoizi commented: “It has been a privilege to lead Pool Re. I have enjoyed working with an extremely talented team and drawing on our various combined experiences to create a world leading national resilience entity in the terrorism sphere. I am pleased and proud to have been able to support a significant return of terrorism risk to the commercial insurance markets through increased retentions as well as through the reinsurance programme. Pool Re is now a business well equipped to meet the challenges of the evolving terrorism threat as well as providing a template for responding to the emergence of other systemic risks.”
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