Provision of Independent Model Validation Services

2.1 The objectives for Flood Re are to enable the continued availability of affordable flood cover for households at risk of flooding within one of the most competitive home insurance markets in the world, and manage a transition to risk reflective pricing over a 25-year period. It does this by providing insurers with the ability to purchase subsidised reinsurance from Flood Re through a commercial arrangement, with the expectation that over this period the market will revert to risk reflective pricing. Flood Re launched on 4 April 2016 and currently intends, subject to internal and regulatory agreement, to submit an application for approval of a (Partial) Internal Model to the Prudential Regulation Authority (“PRA”) under the Internal Model Application Process (“IMAP”) during Q3 2017.

****Please note that this tender will be live from 17:00 on Saturday 3rd September****

04/09/2016

03/10/2016