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Pool Reinsurance Company
Pool Re was established by the UK insurance industry in 1993 in cooperation with HM Treasury, following IRA bombings that made terrorism risk commercially...
Pool Reinsurance Company
Pool Re was established by the UK insurance industry in 1993 in cooperation with HM Treasury, following IRA bombings that made terrorism risk commercially uninsurable. The company operates as a mutual, owned by its member insurers — including Aviva and Allianz, who hold board seats — and cedes risk to the Treasury for a premium, creating a backstop that insures physical and now non-damage business interruption from terrorism across Great Britain. Angela Knight chairs the board. Pool Re's investment portfolio reflects the long-tail liability it carries. The firm deploys capital across direct commercial real estate — owning Equitable House and 7 Savoy Court in London — alongside commodity derivative instruments, UK-based investment funds, and insurance-linked securities. Its pioneering catastrophe bond issuance, the Baltic transaction (per Artemis, 2019), transferred a portion of its terrorism risk to the capital markets. The portfolio serves to fund potential claims while generating returns that offset the cost of the Treasury guarantee. The organization co-founded and organizes the International Forum for Terrorism Risk (Re)Insurance Pools (IFTRIP), a global network for terrorism reinsurance pools. Pool Re became a signatory to the UN Principles for Responsible Investment in 2020 and a CDP member, embedding responsible investment practices across its portfolio. May 2022: The firm named Tom Clementi — a twenty-five-year Lloyd's market veteran — as CEO, succeeding Julian Enoizi (per the firm, April 2022). Pool Re's structural differentiator is its pure state-contingent asset ownership. Unlike a sovereign wealth fund or corporate pension, the fund exists solely to back a specific government-guaranteed liability, making its return targets and liquidity needs a direct function of UK homeland security. Its hybrid model — mutual insurer, government reinsured, direct real asset owner, and ILS sponsor — is globally rare outside of state-backed terror pools in France, Spain, and the US.
General information
Firm type
Insurance
Year founded
1993
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
Equitable House, 47 King William Street, London EC4R 9AF, United Kingdom
Principals
Tom Clementi
Chief Executive Officer
Angela Knight
Chair of the Board
Sector focus
Frequently asked questions
How does Pool Re's government guarantee work?
HM Treasury provides an unlimited financial guarantee to Pool Re, meaning that if the mutual's assets and member premiums are exhausted by a terrorism event, the government covers the shortfall. In exchange, Pool Re pays a reinsurance premium to the Treasury. This arrangement became operational in 1993 and was extended to cover non-damage business interruption in 2018.
What does Pool Re invest in?
Pool Re's publicly known portfolio includes direct commercial real estate in London — specifically Equitable House and 7 Savoy Court — commodity derivatives, UK-based investment funds, and insurance-linked securities. In 2019, the firm sponsored its first catastrophe bond, Baltic, transferring terrorism risk to capital market investors (per Artemis, 2019).
Who owns Pool Re?
Pool Re is a mutual owned by its member insurers, which include Aviva and Allianz — both of which have board representation. The company was established by the insurance industry in cooperation with the UK government and remains operationally separate from the Treasury, though the government provides its statutory financial backstop.
Who runs investment decisions at Pool Re?
Pool Re's CEO Tom Clementi leads the organization, though the firm does not publicly identify a dedicated CIO. The board, chaired by Angela Knight and including directors from member insurers such as Aviva's Owen Morris and Allianz's Colm Holmes, provides governance over the investment strategy.
How does Pool Re's catastrophe bond program work?
In 2019, Pool Re issued its first catastrophe bond through the Baltic transaction, a £75 million ILS that transferred a portion of its terrorism risk to the capital markets (per Artemis, 2019). This marked the first time a government-backed terrorism reinsurer accessed the ILS market, diversifying its funding sources beyond member premiums and the Treasury guarantee.
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