We are delighted to welcome Julian Enoizi, CEO of Pool Re, to speak as part of our Security Briefing Series, following his announcement at Security and Policing 2019 that Pool Re has invested in a joint project with the UK National Counter-Terrorism Police HQ and the Home Office’s Joint Security & Resilience Centre to help business to more proactively protect against the risk of terrorism. In a ground-breaking collaboration between the insurance industry, the UK’s counter-terrorism infrastructure and the government, Pool Re’s investment of £10 million will fund a new interactive information sharing platform.
ADS members are encouraged to attend this briefing to understand first-hand how Pool Re delivers a vital service to industry in its protection against the threats of terrorism, and hear how industry can proactively work with Pool Re to achieve maximum benefit in the future.
Pool Re is a private reinsurance company. It was established in 1993 by the insurance industry in the wake of the IRA bombing campaign on the UK mainland. Structured as a mutual, its member insurers comprise the vast majority of insurers and Lloyd’s Syndicates who offer commercial property insurance in Great Britain. By reinsuring their terrorism risk to Pool Re Members can with confidence provide cover for losses resulting from acts of terrorism, regardless of the scale of the claims.
Pool Re is recognised world-wide as a leading example of public/private partnership in the disaster risk financing arena. Operating commercially, it is estimated that 90% of the UK’s terrorism insurance is currently reinsured by Pool Re. At the foundation of the partnership is a unique commitment by HM Treasury to provide funds in the event there are insufficient funds to pay a legitimate claim. In return for that commitment, Pool Re pays a premium and, were it ever to call upon the funds, would repay them over time.
Since its foundation, Pool Re has provided effective protection for the UK economy and currently underwrites over £2 trillion of exposure in commercial property to terrorism risk across the UK mainland. To date, Pool Re has paid out claims of more than £600 million at no cost to the UK taxpayer. The largest claim resulted from the 1993 Bishopsgate bombing in the City of London – then £262 million. The exposures in the same area today would be significantly in excess of that figure.
Julian Enoizi was previously CEO of ProSight at Lloyd’s, the Goldman Sachs’ Capital Partners and TPG Capital backed entity. Previously, he was President & CEO of Argo International and, prior to joining Argo, he was President and CEO of CNA Europe, a position he held from 2005 having joined CNA in 2002 as President of its Continental European Division based in Paris. Before joining CNA, Julian held senior executive roles with AIG Europe and Chubb Insurance Company of Europe based in London, Paris and Brussels.