Pool Re and the Nuclear Threat Initiative Highlight Radiological Material Security Efforts

Pool Re and Nuclear Threat Initiative (NTI) will
host a joint conference in London on April 6, 2017 to discuss the risks posed
by radiological materials in the UK and globally.  

The conference will include presentations on the
threat and the urgent need to reduce the risks associated with radiological
materials used in the healthcare sector; the economic impact of a radiological “dirty
bomb” bomb in the UK; a case study on risk mitigation measures in the U.S.,
including at hospitals in New York City; and the perspective from insurers. Des
Browne, vice chairman of NTI and former UK Secretary of State for Defence, will
deliver the keynote.

The 50 attendees at the conference will come from
government, academia, healthcare, reinsurance and insurance sectors.

 “We are delighted to host this conference,
which builds on the work we have been conducting with NTI to broaden our
understanding of terrorist threats that might involve radiological materials,”
said Julian Enoizi, CEO of Pool Re. “NTI has a deep understanding of matters
relevant to these threats. Working with them has given Pool Re a unique insight
into these highly complex issues.”

 “Pool Re’s
expanding mission as a risk-mitigation organization makes it an excellent
partner for NTI as we work to reduce the serious risks posed by vulnerable
radiological materials around the world,” said Vice Chairman Browne. “We are
grateful for Pool Re’s commitment to this effort, and we look forward to
further collaboration.”

Pool
Re currently underwrites more than £2 trillion of exposure in commercial
property to terrorism risk across the UK mainland. Pool Re provides terrorism reinsurance,
and develops sophisticated loss estimation models – including chemical,
biological, radiological and nuclear (CBRN) weapons risk models – in
collaboration with its external research partners.

NTI
works with governments and industries around the world to develop strategies to
better secure and eliminate dangerous radiological materials. In addition to
tracking countries’ radiological security progress and advocating for stronger
international frameworks, NTI works with hospitals to replace radioactive
cesium-137 blood irradiators with effective alternative technologies. NTI’s new
informational brochure, published for this conference, explains the risks associated
with cesium-137, describes the safe and effective technologies available, and
offers case studies from countries that have already phased out the use of
cesium-137.

About
Pool Re

The Pool Re scheme was set up in 1993
by the insurance industry in cooperation with the UK Government in the wake of
the IRA bombing campaign on the UK Mainland with the goal of protecting the
economy. Pool Re is a mutual reinsurer whose Members comprise the vast majority
of insurers and Lloyd’s Syndicates which offer commercial property insurance in
the Great Britain, with membership of the scheme affording them a guarantee
which ensures that they can provide cover for losses resulting from acts of
terrorism, regardless of the scale of the claims.

The scheme, which is recognized as a
leading example of public/private partnership, is owned by its Members but is
underpinned by a HM Treasury commitment to support Pool Re if ever it has
insufficient funds to pay a legitimate claim. Pool Re pays a fee to Government
for this guarantee and would repay the money over time if it ever used this
facility.

However, in the event of a loss
resulting from an act of terrorism, each Member must first pay losses up to a
threshold, which is determined individually for that insurer. When losses
exceed that threshold, the insurer can claim upon Pool Re’s reserves, which now
stand at approximately £6.2 billion. These reserves have been accumulated by
the Members of Pool Re since its inception. It is only in the event that these
reserves and the company’s commercial reinsurance are exhausted, that Pool Re
would require Government support.

The Pool Re fund has paid out following
13 separate terrorism incidents covering losses of over £600m.

Since March 2015, the Pool Re Scheme’s
resilience has been augmented by an external reinsurance placement. This
re-engages the global market in aggregated UK terrorism for the first time
since 1993, and additionally provides protection to both Scheme assets and the
UK taxpayer.

Pool Re is also a founding member of the
International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP). Established
in 2016, IFTRIP is aimed at fostering closer ties and allowing for greater
collaboration between the world’s terrorism (re)insurance entities. IFTRIP is
comprised of national terrorism reinsurance pools from twelve countries.

About NTI

The
Nuclear Threat Initiative works to protect our lives, environment, and quality
of life now and for future generations. We work to prevent catastrophic attacks
with weapons of mass destruction and disruption (WMDD)—nuclear, biological,
radiological, chemical, and cyber. Founded in 2001 by former U.S. Senator Sam
Nunn and philanthropist Ted Turner, NTI is guided by a prestigious,
international board of directors. Sam Nunn serves as chief executive officer;
Des Browne is vice chairman; and Joan Rohlfing serves as president. 
Former U.S. Energy Secretary Ernest J. Moniz will become CEO and join Nunn and
Turner as co-chairmen on June 1, 2017.  NTI’s
new informational brochure on effective alternative technologies for cesium-137
blood irradiators and can be found here.
More information about NTI’s radiological security progress report can be found
here. 

Contacts

Pool
Re:
Haggie
Partners LLP:   +44 (0)20 7562 4444
Peter
Rigby:   [email protected]
Brian
Norris: [email protected]

NTI:
Cathy
Gwin: [email protected]
(202) 454-7706