Insurers welcome end to Statement of Principles uncertainty
Outgoing Allianz UK CEO Andrew Torrance has described the Flood Re deal to replace the Statement of Principles (SoP) as "a step in the right direction".
Following protracted talks an agreement was struck between the government and insurers to "guarantee" affordable flood insurance for homes.
And Mr Torrance - who is set to take over the role of CEO at the Fireman's Fund Insurance Company in the US - said: "Insurers have been engaged in discussions with the government for some time to identify a solution which meets all of the challenges presented by providing widely available and affordable flood cover for domestic properties in the UK.
"[The]
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