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Flood Re announces Capita as its Managing Agent

Flood Re today is pleased to announce the appointment of Capita as its Managing Agent following a detailed and rigorous public procurement process for a five year contract that led to a number of high quality responses.

Capita will be responsible for working with Flood Re and the industry to build and then run Flood Re’s business operations, systems and controls prior to regulatory approval at a later stage.Capita will, in due course, manage the day to day aspects of the business including the ceding process, inwards and outwards reinsurance claims settlement and accounting processes.

Vic Gysin, joint chief operating officer of Capita plc commented:

"The confidence that has been shown by Flood Re in our highly skilled team is testament to the expertise and reputation we have built in the insurance industry and reflects the commitment we have made to this market. We look forward to working with Flood Re over the long-term as we deliver this important programme to benefit UK homeowners."

Brendan McCafferty, Flood Re’s Chief Executive Officer, commented:

"This appointment is a crucial component in the delivery of Flood Re and we are grateful to Capita for their excellent response to tender and for their collaboration with us in recent weeks. We are now focused on working hard with Capita to get ready to share the operational details of Flood Re with the industry."

If you have any questions or would like further information, please contact Remi Olaiya, Communications Manager, Flood Re - Remi.Olaiya@abi.org.uk tel: 020 7216 7645.

Last updated 01/07/2016