Pool Re, Britain's leading terrorism reinsurer, today announced the placement of its new retrocession programme covering non-damage business interruption ("NDBI") losses. The programme incepted on July 5th.

The Counter-Terrorism and Border Security Bill 2018, which was signed in February 2019, allows Pool Re to cover losses incurred if a business cannot trade or is prevented from accessing its premises in the wake of a terrorist attack that does not involve damage.

The cover was placed by Guy Carpenter with Liberty Specialty Markets as the lead market. Other key partners in Pool Re's property damage retro programme, including Munich Re and AXA XL, are also participating. The cover protects Pool Re with a limit of GBP 40 million and sits excess of both a GBP 15 million placement attachment and separately, the Member retentions.

Source: Pool Re