Flood Re Makes multiple Executive Hires
Flood Re, the UK's flood reinsurance scheme, has announced several key leadership changes as it prepares to navigate the challenges posed by climate change and evolving reinsurance markets.
In a significant move, Latinka Pilipovic has been appointed as the new Chief Financial Officer (CFO) and Board member, effective from August 1, subject to regulatory approval. Pilipovic brings over 25 years of experience in the UK financial services industry to the role, most recently as CFO for Guardian Financial Services. She has also held senior roles at Foresters Financial UK, Legal & General, and Aviva. In addition, Pilipovic is a trustee of two charities, Forward Arts Foundation and Calm Mediation.
Max Bero, who originally joined Flood Re at its formation in 2016, has been promoted to the role of Chief Operating Officer (COO), subject to regulatory approval. Bero, who has previously held related roles at QBE Insurance (Europe), RSA, and Deloitte, has served as Director of Operations at Flood Re.
Dan Byrne, who joined Flood Re in 2016 and has been the Chief Risk Officer (CRO) since 2017, has been promoted to the role of Chief Commercial Officer. Byrne previously worked at AIG in an Enterprise Risk Management role.
Perry Thomas, CEO of Flood Re, commented on these appointments, saying, "These appointments reflect our desire to have a strong and knowledgeable executive team in place as we address the challenges and opportunities presented by the impacts of climate change ahead of our exit from the market in 2039."
Thomas has been vocal about the challenges posed by climate change and tighter reinsurance markets. He emphasized that the scheme must evolve beyond the favorable conditions of the past decade—characterized by relatively predictable weather and ample reinsurance capacity—to prepare for a future of more frequent and severe climate risks. Central to this evolution is collaboration with government, insurers, and communities to enhance flood resilience, reconsider funding and premium structures, and reassess eligibility to maintain affordable coverage up to the scheme’s planned conclusion in 2039.
One of the ways Flood Re is addressing these challenges is through its strategy to strengthen financial resilience and risk management. This strategy includes innovative mechanisms such as entering the catastrophe (cat) bond market. In March 2025, Flood Re issued its first cat bond, "Vision 2039," which diversifies its risk exposure by accessing new sources of reinsurance capital beyond traditional markets. This initiative helps manage rising reinsurance costs amid a significantly increasing volume of flood risk ceded to Flood Re.
The Chair of Flood Re is Bridget Rosewell CBE, who has also highlighted the need for bold, forward-thinking decisions to preserve the scheme's sustainability amid growing climate risks.
In summary, the key members of Flood Re’s executive team include CEO Perry Thomas, who is leading the strategic shift towards diversified reinsurance and resilience-building, and Chair Bridget Rosewell CBE, who is advocating bold decisions for long-term sustainability. These appointments and strategies are crucial steps in Flood Re's ongoing efforts to adapt to a changing climate and ensure the affordability and accessibility of flood insurance for UK homeowners and businesses.
[1] Flood Re website [3] Flood Re Annual Report and Accounts 2024 [5] Flood Re press release, March 2025
The new Chief Financial Officer (CFO) and Board member, Latinka Pilipovic, brings over two decades of experience in the UK financial services industry to Flood Re, leveraging her expertise from various roles at Guardian Financial Services, Foresters Financial UK, Legal & General, Aviva, and as a trustee of two charities.
In light of the evolving reinsurance markets and challenges posed by climate change, Flood Re is also venturing into innovative mechanisms such as entering the catastrophe (cat) bond market, with Max Bero, previously the Director of Operations at Flood Re, being instrumental in this endeavor as the new Chief Operating Officer (COO).
