Nuclear Risk Insurers Limited (NRI) - (originally the British Insurance (Atomic Energy) Committee - and British Nuclear Insurers) was established in 1956 by Insurance Companies and Lloyd's Underwriters to manage the Pools formed for the insurance of Public Liability and Material Damage risks of nuclear installations. The change of structure and title to "Nuclear Risk Insurers" (NRI) took place with effect from 1st October 2003.
The Insurance Companies and Lloyd's Underwriters who support NRI Ltd have all signed a Pool Membership agreement and have thus delegated their authority to NRI Ltd's Board of Directors. In turn the Board delegates some of its authority to the permanent staff of NRI Ltd.
NRI Ltd is a company limited by guarantee, a business structure suited to non-profit organisations. The member companies' liability is limited to a prescribed amount and all premiums received are remitted to the member companies. NRI Ltd therefore only has to account for its running costs.
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