FLOOD RE LAUNCHES ON MONDAY

The new flood reinsurance pool Flood Re has received regulatory approval and will be ready to underwrite policies from April 4, 2016. On Thursday, Flood Re announced that The Prudential Regulatory Authority and Financial Conduct Authority have formally confirmed authorisation of Flood Re with effect from April 1. Some 350,000 households are expected to eventually be covered by the scheme. Brendan McCafferty, Chief Executive Office of Flood Re, said: “From April 4, Flood Re will be live and ready to accept policies. A list of insurers that will be using the scheme will be available on the Flood Re website from the evening of Friday April 1.”