Pool Re announces new CEO
Pool Re announced the appointment of Tom Clementi as chief executive officer of Pool Re.
Clementi, who joins on 4 April, is currently a strategic advisor at Lane Clark & Peacock. He has many years of insurance industry experience, specifically where he was most recently CEO of MS Amlin Underwriting Ltd.
Angela Knight, chair of the Pool Re board, said:
“We are delighted that Tom will be joining us to lead Pool Re. His insurance and legal experience, particularly across strategic operations and various geographical areas and underwriting lines at MS Amlin, will be immensely valuable. He is a strong leader and communicator who will further deepen our relationships with the market and key stakeholders, including vital engagement with government and regulators.We would like to reiterate our thanks to Julian Enoizi who, after 8 years at the helm, leaves the organisation in excellent shape to meet the challenges of the evolving terrorism threat and we now look forward to the new chapter for Pool Re, headed by Tom.”
Clementi said:
“It is an honour to be appointed CEO of Pool Re, the world’s leading national resilience entity. Pool Re has an extremely talented team and plays a vital and dynamic role in supporting the commercial insurance market in pursuit of greater national resilience to terrorism.. I look forward to working with all our stakeholders to continue offering services that respond to the needs of UK business and to building ever stronger relationships with government as we move forward as an arm’s length Government body.”
Pool Re completes successful ILS cat bond placement
Pool Re, Britain’s leading terrorism reinsurer, has completed placement of its second ILS cat bond, following the maturing of its original ground-breaking issuance from 2019.
Issued through a UK domiciled special-purpose vehicle, Baltic PCC Ltd., the 2022 notes were issued in a 144A format, to enhance liquidity. The bond increased in size to £100 million from the £75 million issued in 2019, with the risk spread reduced to 5.5% compared to 5.9% under the 2019 issue.
This important deal once again brings new sources of capital to the terrorism risk market, returns additional premium to the private sector, and moves UK taxpayers even further from the risks Pool Re mutualises on their behalf.
Julian Enoizi, Pool Re Chief Executive, said:
“This notable achievement demonstrates the continuing innovation and determination of Pool Re in returning a larger part of the risk to the commercial markets and protecting the UK taxpayer consistent with our commitment given as part of our five year review. I am also particularly pleased that we can demonstrate again the collaborative spirit that exists between Pool Re and HM Treasury by supporting the journey towards enhancing the UK’s ILS framework. This will certainly strengthen our industry’s contribution to the UK economy and enhance London’s position in a global industry.”Ian Coulman, Pool Re Chief Investment Officer, said:
“We were delighted by the significant interest and appetite from the markets, which has led to an increase in the overall number of investors compared to 2019. This strong interest from the capital markets has led to a reduced spread and increased size of the bond and is important as we work to bring in new sources of capital to cover terrorism risk reinsurance.”
GC Securities, a division of MMC Securities LLC, acted as the structuring and placement agent for the three-year bond, which provides cover on an annual aggregate basis.
Economic Secretary to the Treasury, John Glen, said:
“It’s great to see Pool Re successfully renew and increase its second Insurance Linked Securities for terrorism risk – ensuring taxpayers are further insulated from the financial costs of terrorist acts, with private markets committing to cover a greater share.”
David Priebe, Guy Carpenter Chairman, said:
“We are very pleased to support Pool Re on this important terrorism risk transfer transaction. It demonstrates growing expertise and flexibility of the ILS market with respect to a broader spectrum of risks.”
Cheng Li Yow, Corporate Partner at Clifford Chance added:
“We were delighted to advise Pool Re again on its second ILS transaction through Baltic PCC Ltd. The deal is another strong endorsement of the UK’s ILS and PCC regime and closing it would not have been possible without the effective support of the PRA.”
Pool Re announces Angela Knight as new chair
Pool Re, Britain’s leading terrorism reinsurer, announced the appointment of Angela Knight CBE as non-executive chair, subject to regulatory approval.
Angela has a broad cross-sector track record, combining political experience and business knowledge over a career which has included the financial services industry in the UK and its interaction with regulators and government. She has held roles including Economic Secretary to the Treasury, Chief Executive of the British Bankers Association at a critical time in financial services, Chair of the Office of Tax Simplification and also a number of non-executive positions. Her experience across politics, business and member-based organisations gives her an invaluable perspective in leading the Pool Re Board.
Andrew Skirton, Pool Re’s Senior Independent Director and acting Chair, said: “Angela has exactly the right blend of experience to lead Pool Re at a time of significant change – through the current Government Review and beyond. Having led another member based organisation previously and worked as Economic Secretary to the Treasury – the ministerial office with responsibility for Pool Re – she understands well the challenges and opportunities that we and all our stakeholders face.”
Julian Enoizi, Pool Re Chief Executive, said: “Andrew Skirton has been operating as our Chair for the last six months following Geoff Riddell’s resignation due to ill health. I would like to thank them both for their dedication and commitment to Pool Re. Our Board is vital in stimulating further innovative thinking within the organisation and the industry as together we continue to meet the challenges of the evolving terrorism threat as well as the emergence of other systemic risks. The current Government Review is likely to result in some fundamental and far reaching changes to how Pool Re operates and subsequently for the terrorism insurance market in the UK. Angela has the relevant experience to lead the Board and to help me in guiding our organisation through this period of transition, bringing a blend of political and commercial acumen that Pool Re needs at this time . We look forward to working with her.”