Flood Re seek provision for data collection and reporting services, in order to better understand the insurance market, consumer behaviour, and the availability and affordability of home insurance for properties with flood risk and flood claims
Flood Re to seek provision for external legal services to advise on and support the issuance of an indemnity trigger catastrophe bond (the "Cat Bond") as part of a wider re-procurement of its outwards reinsurance programme to be effective from 1 April 2025. It is likely that Flood Re will consider the issuance of such a bond at least every three years thereafter and has a preference for long term supplier relationships however, that longer term opportunity does not form part of this ITT
Flood Re intends to reprodure statutory audit services with effect from the financial year ended 31 March 2026 (starting 1 April 2025), with the expectation that the handover from the incumbent external auditors, if required, would coincide with the completion of activities for the financial year ended 31 March 2025.
Flood Re seek to procure the expertise and services of a third party expert work to assist in the practical implementation of the FPC through the activity set out in these two projects, which is in line with the FPC Roadmap:
LOT 1 - To research and design data standardisation for the FPC through the creation of a standardised data template for collecting and documenting clearly defined household flood risk information.
LOT 2 - To research and assess the potential of FPCs to improve flood resilience within the planning system. This involves implementing a verification process to ensure recommended flood mitigations are executed and making these measures transparent to householders, insurers, and lenders
Flood Re seek to procure the expertise and services of a third party expert to conduct a survey of 100 to 200 relevant policyholders that have turned down additional funds to make their homes more resilient as part of the rebuilding process. Flood Re intends to undertake a project to understand why eligible policyholders have turned down Build Back Better. The surveys is to take place between May and July 2025, across different BBB cedants, with final findings to be collated and reported by the end of August 2025.
Flood Re would like to secure a IT Managed Service Provider under a public procurement process and invite tenders from qualified IT Managed Service providers who are aligned to Flood Re's evolving operational requirements and performance expectations.
Flood Re is seeking to appoint a reputable asset manager for its £1bn of assets. We are looking for a partnership relationship with an asset management institution with strong brand and insurance asset management capabilities to assist us in managing our investments in line with our investment risk appetite.