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Pool Reinsurance Company

HM Treasury written question – answered on 3rd November 2014.

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Photo of Damian Green Damian Green Conservative, Ashford

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the Pool Reinsurance reserves in the event of a terrorist incident.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

Pool Re’s reserves stood at approximately £5.26 billion as at 31 December 2013. However, Pool Re is able to cover events that result in significantly greater claims than £5.26 billion due to its ability to increase premiums, call on additional funds from members, and call on an HMT guarantee to make funding available should those sources prove insufficient to meet its reinsurance liabilities.

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