Angela Knight appointed new Pool Re Chair
Pool Re, Britain’s leading terrorism reinsurer, today announced the appointment of Angela Knight CBE as non-executive chair, subject to regulatory approval.
Angela has a broad cross-sector track record, combining political experience and business knowledge over a career that has included the financial services industry in the UK and its interaction with regulators and government. She has held roles including economic secretary to the Treasury, chief executive of the British Bankers Association at a critical time in financial services, chair of the Office of Tax Simplification and a number of non-executive positions. Her experience across politics, business and member-based organisations gives her an invaluable perspective in leading the Pool Re Board.
Andrew Skirton, Pool Re’s senior independent director and acting chair, said: “Angela has exactly the right blend of experience to lead Pool Re at a time of significant change -through the current Government Review and beyond. Having led another member-based organisation previously and worked as economic secretary to the Treasury – the ministerial office with responsibility for Pool Re - she understands well the challenges and opportunities that we and all our stakeholders face.”
Julian Enoizi, Pool Re chief executive, said: “Andrew Skirton has been operating as our chair for the last six months following Geoff Riddell’s resignation due to ill health. I would like to thank them both for their dedication and commitment to Pool Re. Our Board is vital in stimulating further innovative thinking within the organisation and the industry as together we continue to meet the challenges of the evolving terrorism threat as well as the emergence of other systemic risks.
“The current Government Review is likely to result in some fundamental and far-reaching changes to how Pool Re operates and subsequently for the terrorism insurance market in the UK. Angela has the relevant experience to lead the Board and to help me in guiding our organisation through this period of transition, bringing a blend of political and commercial acumen that Pool Re needs. We look forward to working with her.”
Authored by Pool Re
About Pool Re
Pool Re’s purpose is to enable the UK insurance market to offer terrorism cover to any commercial property that requires it. Central to this is the integration of Pool Re’s cover with the underlying property policy which ensures that there is no gap in the cover provided.
Pool Re was designed to insulate the taxpayer from potential financial losses arising from acts of terrorism. It has achieved this effectively, to date paying £635m in respect of 13 claims arising from certified terrorism events in the UK since our establishment. It has never called on the Government’s guarantee.
By providing foundational stability at a reinsurance level, Pool Re has created an environment for the commercial market to re-establish itself, following the market failure in 1992. This stability creates and sustains access, liquidity and confidence to generate the conditions for the private market to gradually write a growing portion of terrorism risk.
Helping UK businesses build resilience against terrorism risk is a priority for Pool Re who have developed SOLUTIONS an in-house centre of excellence created to support Members and policyholders better understand risk awareness, modelling, and management. They have also invested in a range of initiatives with Government security and intelligence agencies to provide tools such as an information sharing platform.
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