“Much has been achieved, but much more still needs to be done,” says outgoing chair
Flood Re has revealed that Bridget Rosewell will succeed Mark Hoban as chair of the mutual reinsurer.
In a statement released today (1 August 2023), Flood Re said that Rosewell will take up the position when Hoban steps down at the end of his term in September.
Rosewell, who has experience across the infrastructure, utilities, financial services and transport sectors, will also become a non-executive director.
She said: “I am delighted to be joining the Flood Re board and look forward to helping continue its vital work promoting the availability and affordability of flood insurance.
”Equally, as we all face into our greatest national challenge in climate change, I am excited to be working with a wide range of partners on flood prevention and resilient adaptation in the face of ever-increasing flood risk.”
Experience
During her career, Rosewell served as chief economic adviser to the Greater London Authority and was deputy director of economic affairs at the Confederation of British Industry.
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Present roles include non-executive chair of audit and risk for the UK infrastructure bank and chair of the M6 Toll.
Flood Re chief executive Andy Bord said Rosewell would bring a ”wealth of economic, strategic and regulatory knowledge to the role, which together with her passion and enthusiasm, will help us deliver on our ambitious plans”.
“Looking forwards, I and the rest of the board are delighted to have been able to attract someone of Bridget’s calibre and experience as we drive ahead on our transition plan and prepare the insurance market for our eventual exit in 2039,” he added.
Tribute
Bord also paid tribute to Hoban, who has chaired the mutual reinsurer since its inception and helped steer its creation, authorisation and establishment.
”I would like to say a huge thank you to Mark for his invaluable service, direction and personal contribution to both the establishment of Flood Re and the delivery of our mission to ensure affordable and available home insurance for those in high flood risk areas,” he said.
”Mark’s energy and enthusiasm, combined with his sharp political and regulatory insights, have been critical to our success so far.
”I would also like to personally thank him for the wise counsel that he has provided to me.”
Hoban said his parting message was to “not let the success of Flood Re mask the need to create a long-term sustainable solution to managing flood risk”.
“Much has been achieved, but much more still needs to be done,” he said.
“I am extremely proud of Flood Re, which has addressed the problem that it was originally set up to solve – making flood insurance more affordable and increasing its availability.
”But, Flood Re has and will continue to go beyond this and together with the industry and its partners be part of the solution to climate change adaptation.”
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