Pool Re Solutions appoints Chris Medhurst-Cocksworth as Head of Risk Management
Pool Re, Britain’s leading terrorism reinsurer, today announced the appointment of Chris Medhurst-Cocksworth as Head of Risk Management within Pool Re Solutions. Medhurst-Cocksworth will lead the risk management services offered by the recently created division, focusing on developing terrorism-related risk management tools and expert services. He will report to Steve Coates, CUO of Pool Re. This appointment is effective immediately.
Medhurst-Cocksworth has over 20 years’ experience managing, coordinating and delivering risk management solutions both at corporate and national level. Most recently, he spent three years as Risk Partner and Head of Business Development for Marsh Risk Consulting, engaging with clients to support them in improving their resilience and coordinating the development of appropriate and innovative risk management solutions. Prior to that, Medhurst-Cocksworth served with the British Armed Forces in a variety of roles including the development and coordination of planning for complex and challenging strategic crises, counter-terrorism operations and CBRN, and operated in hostile environments across the globe.
Steve Coates, Chief Underwriting Officer, said: “As terrorism threats have been constantly evolving, we are investing significantly in our in-house risk management capabilities to support the needs of our Members and their policyholders. The recent launch of Pool Re Solutions provides the mechanism through which we will help our stakeholders evaluate, quantify and manage terrorism risk. Chris’ experience will be a valuable asset in this regard as we facilitate the mitigation of terrorism risk, and its integration within policyholder risk frameworks.
“Chris has an excellent track record of assessing clients’ risk profiles and leading public-private partnership crisis management projects. We look forward to working with him and creating effective solutions for our members and their clients.”
Medhurst-Cocksworth said: “Pool Re has a well-deserved reputation for innovation in the terrorism risk space. I am looking forward to working with our stakeholders to ensure that Pool Re Solutions offers the services and capabilities necessary to support their management of the terrorism risk. The unit is committed to supporting HM Government’s CONTEST strategy by building resilience and scaling the UK’s ability to tackle terrorism.”
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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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