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172870

registered interest
date	09/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what funds are currently managed by the Pool Re scheme; and if he will make a statement.
tabling member constituency	St Austell and Newquay
tabling member printed	Stephen Gilbert
uin	220318
answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>The total value of the Pool Re fund was £5.504 billion as at 30 September 2014.</p><p> </p><p> </p><p> </p><p>The government has provided a guarantee to Pool Re since it was established in 1993. Last year Pool Re and HM Treasury agreed a package of reforms that provides for fair and proportionate compensation for taxpayers for the continued provision of the guarantee. These reforms will see HM Treasury’s fee increased from 10% of Pool Re’s annual premium income to 50% - an increase that we estimate will raise an additional £120m per annum. In addition, the reforms will see Pool Re make a distribution to its members and the government based on any annual surplus that it makes. Whilst the occurrence and level of that surplus are subject to inherent uncertainty, based on Pool Re’s recent results we estimate that this will see insurers who reinsure terrorism insurance risk with Pool Re and the government each receive an additional payment of approximately £55 million per annum.</p><p> </p><p> </p><p> </p><p>The changes took effect from 1 January 2015. In total, we estimate that these changes will raise an additional £50m for the Exchequer in 2014/15, and £175m per year thereafter, compared to the previous agreement.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220319 220320 question first answered 14/01/2015 17:09:09 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4101 label Biography information for Stephen Gilbert

172871

registered interest
date	09/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what the anticipated dividend payment to the Government and the insurance industry from the assets managed in the Pool Re scheme in 2014-15 is; and if he will make a statement.
tabling member constituency	St Austell and Newquay
tabling member printed	Stephen Gilbert
uin	220319
answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>The total value of the Pool Re fund was £5.504 billion as at 30 September 2014.</p><p> </p><p> </p><p> </p><p>The government has provided a guarantee to Pool Re since it was established in 1993. Last year Pool Re and HM Treasury agreed a package of reforms that provides for fair and proportionate compensation for taxpayers for the continued provision of the guarantee. These reforms will see HM Treasury’s fee increased from 10% of Pool Re’s annual premium income to 50% - an increase that we estimate will raise an additional £120m per annum. In addition, the reforms will see Pool Re make a distribution to its members and the government based on any annual surplus that it makes. Whilst the occurrence and level of that surplus are subject to inherent uncertainty, based on Pool Re’s recent results we estimate that this will see insurers who reinsure terrorism insurance risk with Pool Re and the government each receive an additional payment of approximately £55 million per annum.</p><p> </p><p> </p><p> </p><p>The changes took effect from 1 January 2015. In total, we estimate that these changes will raise an additional £50m for the Exchequer in 2014/15, and £175m per year thereafter, compared to the previous agreement.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220318 220320 question first answered 14/01/2015 17:09:09 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4101 label Biography information for Stephen Gilbert

172872

registered interest
date	09/01/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what plans he has for the division of dividends on the assets held by the Pool Re scheme; and if he will make a statement.
tabling member constituency	St Austell and Newquay
tabling member printed	Stephen Gilbert
uin	220320
answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>The total value of the Pool Re fund was £5.504 billion as at 30 September 2014.</p><p> </p><p> </p><p> </p><p>The government has provided a guarantee to Pool Re since it was established in 1993. Last year Pool Re and HM Treasury agreed a package of reforms that provides for fair and proportionate compensation for taxpayers for the continued provision of the guarantee. These reforms will see HM Treasury’s fee increased from 10% of Pool Re’s annual premium income to 50% - an increase that we estimate will raise an additional £120m per annum. In addition, the reforms will see Pool Re make a distribution to its members and the government based on any annual surplus that it makes. Whilst the occurrence and level of that surplus are subject to inherent uncertainty, based on Pool Re’s recent results we estimate that this will see insurers who reinsure terrorism insurance risk with Pool Re and the government each receive an additional payment of approximately £55 million per annum.</p><p> </p><p> </p><p> </p><p>The changes took effect from 1 January 2015. In total, we estimate that these changes will raise an additional £50m for the Exchequer in 2014/15, and £175m per year thereafter, compared to the previous agreement.</p><p> </p><p> </p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom grouped question UIN 220318 220319 question first answered 14/01/2015 17:09:10 answering member 4117 label Biography information for Andrea Leadsom
tabling member	4101 label Biography information for Stephen Gilbert

101322

registered interest
date	28/10/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what the current size is of the Pool Re reserves.
tabling member constituency	Ashford
tabling member printed	Damian Green
uin	212169
answer	answer is ministerial correction date of answer 03/11/2014 answer text <p>Pool Re’s reserves stood at approximately £5.26 billion as at 31 December 2013, according to Pool RE’s annual report.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/11/2014 15:12:28 answering member 4117 label Biography information for Andrea Leadsom
tabling member	76 label Biography information for Damian Green

101324

registered interest
date	28/10/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pool Reinsurance Company
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the Pool Reinsurance reserves in the event of a terrorist incident.
tabling member constituency	Ashford
tabling member printed	Damian Green
uin	212253
answer	answer is ministerial correction date of answer 03/11/2014 answer text <p>Pool Re’s reserves stood at approximately £5.26 billion as at 31 December 2013. However, Pool Re is able to cover events that result in significantly greater claims than £5.26 billion due to its ability to increase premiums, call on additional funds from members, and call on an HMT guarantee to make funding available should those sources prove insufficient to meet its reinsurance liabilities.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/11/2014 15:03:03 answering member 4117 label Biography information for Andrea Leadsom
tabling member	76 label Biography information for Damian Green