Fire safety reinsurance facility to launch on 1 April

A reinsurance facility aimed at increasing competition in the insurance market for properties affected by dangerous cladding and other fire safety issues has been unveiled ahead of launching on 1 April.

Established by McGill and Partners, it was part of a series of recommendations by the Financial Conduct Authority when the watchdog reported on remedies to reform the multi-occupancy buildings insurance market.

Michael Gove, Secretary of State for Levelling Up, Housing and Communities, had demanded action after the Grenfell tragedy led to leaseholders being hit with steep premium rises. Gove labelled the market as “failing” some leaseholders of high and medium-rise blocks of flats.

The facility

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