In France, a pool of insurers and reinsurers was set up on 1 January 2002 under the name Gestion de l'Assurance et de la RÉassurance des risques attentats et Actes de Terrorisme (GAREAT). GAREAT is constituted upon the principle of mutuality between its Members, all of whom are jointly liable, and relies on the support given to GAREAT by international reinsurers as well as by the French State which provides unlimited coverage to the GAREAT programme via unlimited treaties reinsured 100% by Caisse Centrale de Réassurance (CCR). As a non-profit-making Economic Interest Grouping mandated by its Members, GAREAT returns to the latter that part of the premiums which are not used to finance the reinsurance coverage at the close of each year.
