African Risk Capacity Limited (ARC), a specialist insurance company that provides parametric insurance cover to African countries against climate and disaster events has selected Gallagher Re as its reinsurance broker and risk advisor.
The contract calls for the placement of portfolio cover in reinsurance and capital markets by 1 May 2023, as well as a strategic advisory for long-term growth and portfolio diversification.
The combined use of traditional and alternative capacity providers as part of a risk carrier framework intends to use the private sector for a wide range of resilience applications across Africa, according to ARC’s growth goals.
“We are deeply honored to have been chosen by ARC Ltd to support its critical mission of promoting resilience solutions throughout Africa.” “We are passionate about ARC, what it stands for, and the actual impact it is having on people’s livelihoods on the ground,” said Antoine Bavandi, Gallagher Re’s Global Head of Public Sector, Parametric, and Climate Resilience Solutions.
“ARC Ltd’s mission in particular resonates extremely well with our vision for climate resilience by leveraging traditional markets as well as ILS and ESG capital to support African Union countries with the most efficient risk solutions,” Bavandi concluded. “We are very excited to apply our expertise to the benefit of public and private sector clients, and to continue to push for scaled-up resilience solutions.”
“To date, ARC Ltd has provided financial protection in excess of USD 1 billion to 19 countries,” said Malvern Chirume, Chief Underwriting Officer of ARC. We intend to close the protection gap even further, and our cooperation with Gallagher Re will be critical to our expansion.”
