Flood Re is a unique organisation and a world first. It is a joint venture between the government and insurers. Established by the Water Act 2014, Flood Re’s purpose is to promote the availability and affordability of household insurance for eligible homes, whilst minimising the costs of doing so. It must also manage, over its lifetime, the transition to risk reflective pricing for household insurance for those households at risk of flooding.

The Chair will oversee and help deliver two Transition Plans and two Quinquennial Reviews (QQRs), manage Executive Committee succession, and optimise Board performance. The Chair, working with the CEO, senior executives and Board, has a critically important role with a wide group of stakeholders. These include regular interactions and consultations with the senior leadership of the general insurance companies in forums, small groups or in 1:1 meeting. Alongside this, the ability to confidently lead and influence conversations with Ministers, Permanent Secretaries, HM Treasury representatives and DEFRA is also key to the role.

The appointee will be expected to:

• Ensure the appropriate and effective governance, oversight and running of the Flood Re Scheme as a commercial Reinsurer.
•  Ensure the Board’s continued strategic focus on delivering Flood Re’s purpose as the organisation moves through its next stage of development.
•  Enable Flood Re’s advancement against its evolving transition plan and ongoing progression towards creating an insurance market offering risk reflective pricing.
•  Champion on behalf of Flood Re, the actions that external stakeholders need to deploy in advance of Flood Re’s exit in 2039.
•  Build and maintain industry and government confidence in Flood Re, and establish trusted relationships at a senior level within the insurance sector, and within Whitehall and Westminster.
•  Provide effective support to the Flood Re management team, especially during times of stress.
•  Be a forceful advocate and ambassador on behalf of Flood Re as appropriate in the media, at parliamentary hearings and industry events.
•  The Chair will also take on the role of Chair of the Nominations Committee.

The Board has been described as a “commercial Board with a public purpose” which highlights the need for the Chair not only to be able to influence in Westminster and Whitehall but also be credible with both the insurance industry and the regulators. A large part of Board and Committee time is spent overseeing the financial operation of the scheme including income and expenditure accounts, reserving, capital, and modelling. Whilst not needing a background in insurance, this requires an individual, with the financial literacy and curiosity to understand the mechanics of Flood Re but also someone who believes deeply in the importance of combating climate change and is driven to help reduce the impacts of flood risk in the UK.

This role is 50-60 days per year / 4-5 days per month including committee meetings.

Closing date for applications is 23:55 Friday 31^st March 2023.