Flood Re has secured £140m in fully-collateralised UK flood retrocessional reinsurance following the successful completion of its first catastrophe bond, Vision 2039 – Series 2025-1. Flood Re issued the catastrophe bond through the Lloyd’s insurance-linked securities transformer structure London Bridge 2 PCC Limited.

Perry Thomas, CEO of Flood Re, said: “We are pleased to announce the successful completion of our debut catastrophe bond, Vision 2039 – an innovative transaction that strengthens our reinsurance programme and enhances protection for UK households against flooding.

“This milestone expands our access to alternative private market risk transfer, and complements our wider traditional reinsurance structure reducing reliance on traditional reinsurance. Over time, we expect subsequent issuances to become even more cost-effective, improving programme efficiency.”