Flood Re to start search for scheme administrator next week

Flood Re will start the search for one of its two main outsourcing partners, the scheme administrator, within the next week.

Addressing brokers at a webcast hosted by underwriting agency Aqua yesterday, interim Flood Re chief executive Tom Woolgrove added that the scheme would start tendering for a reinsurance broker, the second main outsourcing partner, in “early to mid August”.

Would-be scheme administrators will have 50 days from when the tender goes live to submit a response. Reinsurance broker candidates will have 40 days.

The scheme administrator will run several key functions for Flood Re, including underwriting and claims. The reinsurance broker will be responsible for procuring cover for Flood Re from the global reinsurance market.

Staffing up

Flood Re is also in the process of hiring its senior management team. Yesterday it appointed Paymentshield commercial director Brendan McCafferty as its permanent chief executive to replace Woolgrove in the fourth quarter of this year.

Woolgrove told brokers yesterday that Flood Re also needs a chief financial officer, a chief actuary, an operations director, a chairman and a board of non-executive directors.

He said: ”We are in the process of interviewing chief financial officers and we are shortly going to be interviewing actuaries, chairmen and non-executive directors.

“By the end of the year we will have many of the key roles of Flood Re established.”