A terrorism reinsurance mutual backed by the British state guarantee, created in 1993 after the IRA bombings in London.
Pool Re is the British terrorism reinsurance scheme, created in 1993 following the IRA bombings in the City of London, which had led insurers to withdraw from that cover. Set up as a mutual of member insurers and backed by a state guarantee, it allows insurers to cede terrorism risk to a pool capable of absorbing extreme losses, the state stepping in as a last resort if the pool's funds are exhausted. It belongs to the same family as the American TRIA and the French GAREAT, those public or mixed mechanisms by which the community takes on the catastrophic share of a fundamental risk. Pool Re is regularly cited as a model in the debates on a possible public backstop for catastrophic cyber and hybrid war.
A British insurer covering a company's property against terrorism reinsures that cover with Pool Re, which relies in the last resort on the state guarantee.
Pool Reinsurance Company