Flood Re secures £1.29bn of retro

UK flood reinsurer Flood Re has secured £1.29bn ($1.96bn)
of cover from the world's leading reinsurers and completed
phase one of the tender process for outward reinsurance protection,
it announced today (18 November).
Munich Re and Swiss Re both contributed to the state-backed
flood reinsurer, in what was described as an oversubscribed
procurement process brokered by Guy Carpenter.
The programme is now seeking a further £720mn of
reinsurance protection in the phase two process, whic