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Flood Re begins search for Retrocession Broker and provides an update on the Managing Agent Tender

Flood Re has published a tender for the services of a Retrocession Broker. The tender is published on the Crown Commercial Service’s website as of 8 October 2014.

The tender invites bidders to apply for an initial 4-year contract, extendable by Flood Re for further periods so that the term may be up to 7 years in total, with award scheduled for early December 2014. The Broker will provide Flood Re’s advice on retrocession and/or other protection together with catastrophe modelling services. In addition the Broker will procure and place outwards reinsurance and/or other protection on behalf of Flood Re.

Prospective suppliers should refer to the Crown Commercial Service’s website for details of the application process. This is available at the link:

http://ccs.cabinetoffice.gov.uk/i-am-buyer/procurement-pipeline (code RM3706).

The closing date for completed tender responses is 18 November 2014.

Flood Re has also received a healthy response to the Managing Agent tender from a number of organsiations. The evaluation of these submissions is currently being finalised, with an e-auction planned for later this week. Final selection of the Managing Agent will take place before the end of October.

Tom WoolgroveTom Woolgrove, interim Flood Re CEO, said:

"The Flood Re programme and ABI are delighted that tender documents for the appointment of the Broker have been published. Accessing global reinsurance, to transfer risk and manage volatility, is a key part of the Flood Re business model, and by using a broker's expertise, we hope to balance the cost effective placement of reinsurance with accessing innovative solutions."

"Both tenders demonstrate our good progress, and are further major milestones in implementing Flood Re."

Last updated 01/07/2016