Pool Re
A terrorism reinsurance mutual backed by a UK government guarantee, created in 1993 after the IRA bombings in London.
Bishopsgate, April 24, 1993: an IRA truck bomb wrecks part of the City of London, insurers pull terrorism cover from their policies, and Pool Re opens on July 1, 1993 with the Treasury's guarantee. It has been the British terrorism reinsurance scheme ever since. A mutual of member insurers backed by a state guarantee, it lets insurers cede that risk to a pool able to absorb extreme losses; if the pool's funds run out, the state steps in as a last resort. It belongs to the same family as the American TRIA and the French GAREAT, the public or public-private schemes through which society takes on the catastrophic share of a fundamental risk. It comes up regularly as a model whenever a public backstop for catastrophic cyber and hybrid war is debated.
A British insurer covering a company's property against terrorism reinsures that cover with Pool Re, set up in 1993, which is ultimately backed by the government guarantee.
Pool Re, Pool Reinsurance Company, UK terrorism pool
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