Britain’s terrorism reinsurer Pool Re has completed placement of its retrocession programme worth £2.4 billion.

Led by Munich Re, the programme involves more than 50 international reinsurers including Hannover Re which is providing a significant portion of the coverage. Of the total amount, £75 million comes from the first-ever terrorism catastrophe bond.

“We are pleased to have finalised this extended retrocession placement, one of the largest reinsurance deals in the world,” commented Pool Re chief executive Julian Enoizi.

“As Pool Re continues to return UK terrorism risk to commercial markets, this programme is a core part of our strategy of further distancing the taxpayer from potential loss.”

The retrocession covers property damage brought about by nuclear, biological, chemical, and radiological attacks; those arising from cyber-triggered terrorist losses; and conventional terrorist acts.

“Pool Re has once again been successful in sourcing new capacity from reinsurers in a challenging market while maintaining their core relationships,” said James Nash, CEO of the international division at Guy Carpenter.

“This demonstrates the wide support Pool Re is able to achieve with their proactive and foresighted approach to the peril, coverage, and technical expertise. This is an excellent result that Guy Carpenter is delighted to have brokered for them.”