BREAKING NEWS

UK terror reinsurer puts $7b. behind Olympics

By REUTERS

APRIL 27, 2012 19:13

LONDON - Pool Re, the state-backed British reinsurer that covers terror attack-related commercial property losses, has 4.5 billion pounds ($7.3 billion) of assets to cover the Olympic Games and is not jacking up premiums for the event.

Bombings or other incidents costing more than that amount would be covered by the British taxpayer under the Pool Re structure, put together in the 1990s when government feared the activities of Irish militant groups could make London property uninsurable and damage the economy.

Pool Re Chief Executive Steve Atkins said his team had closely scrutinised its customers' exposure to the Olympic Games to prepare itself for a potential attack during the event.

"We wouldn't normally have interaction with every insurer on every program," "But with things like the Olympics we tend to have done that so that if there were anything, we're already informed about what the insurance arrangements are."

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