Flood Re
InsuranceEngland, United Kingdom51-200 Employees
Flood Re Limited serves as the scheme administrator for the Flood Reinsurance Scheme in the UK, focusing on flood peril reinsurance for insurers. The scheme is a joint effort between the UK insurance industry and the government, established by the Water Act 2014, with the aim of making flood insurance more available and affordable for eligible homes and guiding a transition to risk-based pricing for household flood cover. Headquartered in London, Flood Re operates as a mutual reinsurer that was incorporated in 2013 and authorised by the PRA and FCA in 2016. Its market is UK household insurers participating in the Flood Re Scheme, to whom Flood Re provides reinsurance cover at a subsidised fixed rate. The arrangement is designed to support affordability and availability of flood insurance for households while the scheme shifts toward risk-reflective pricing. In 2022 Flood Re introduced the Build Back Better program to help UK homes manage costs.