African Risk Capacity (ARC Ltd), which provides parametric insurance cover against climate and disaster events, has chosen Gallagher Re as its reinsurance broker and risk advisor.
“We are deeply honoured to be selected by ARC Ltd to support its critical mission of promoting resilience solutions across Africa,” said Antoine Bavandi, Gallagher Re’s global head of public sector, parametric & climate resilience solutions. “We feel passionate about ARC, what it stands for, and the actual impact it is making on livelihoods on the ground.
“ARC Ltd’s mission, in particular, resonates extremely well with our vision for climate resilience by leveraging traditional markets as well as ILS (insurance-linked securities) and ESG (environmental, social, and governance) capital to support African Union countries with the most efficient risk solutions.”
Bavandi added that they “very much look forward” to applying Gallagher Re’s expertise for public and private sector clients’ benefit.
ARC Ltd chief underwriting officer Malvern Chirume, meanwhile, had this to say: “The emergence of new risks and the high degree of global interconnectedness offer a unique opportunity to rethink our approach to climate and systemic events on the African continent.
“ARC Group plays a critical role in this environment, strengthening the capacity of member states to minimise the risk and actual impact from these events, and providing targeted and swift access to finance, tools, and products in the aftermath of disasters.”
According to Chirume, ARC Ltd has so far provided more than US$1 billion in financial protection to 19 countries.
“We aim to reduce the protection gap even further, and our partnership with Gallagher Re will be a key element of our growth,” he stated.
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