united kingdom’s Flood Re Appoints Capita as handling Agent

the United Kingdom’s Flood Re has announced the appointment of Capita as its managing Agent, following what it described as a “distinct and rigorous public procurement procedure for a 5 12 months agreement that caused a number of excessive nice responses.

“Capita may be accountable for running with Flood Re and the enterprise to build and then run Flood Re’s enterprise operations, structures and controls prior to regulatory approval at a later stage. Capita will, in due course, manage the daily elements of the commercial enterprise along with the ceding procedure, inwards and outwards reinsurance claims settlement and accounting techniques.”

Capita’s, joint chief working officer Vic Gysin commented: “The self belief that has been proven through Flood Re in our notably skilled team is testament to the understanding and popularity we've got built in the insurance industry and reflects the commitment we've made to this marketplace. We look ahead to operating with Flood Re over the lengthy-term as we supply this vital application to gain united kingdom homeowners.”

Brendan McCafferty, Flood Re’s CEO, delivered: “This appointment is a vital component in the transport of Flood Re and we're grateful to Capita for his or her high-quality reaction to tender and for their collaboration with us in latest weeks. we're now focused on working hard with Capita to get prepared to share the operational details of Flood Re with the industry.”