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Africa Specialty Risks appoints Sean Paradine as senior treaty underwriter

15th December 2022

Africa Specialty Risks (ASR) has appointed Sean Paradine to be its new senior treaty underwriter. Paradine, said the firm in a statement, joins from WR Berkley where he was a senior vice president focused on treaty underwriting in Sub-Saharan Africa. Before WR Berkley, Paradine spent over twenty years at Everest Re. Mikir ... Read the full article

ZEP-RE and Planet Labs partner on African drought program

13th December 2022

ZEP-RE, a reinsurance company based in Nairobi, Kenya, has partnered with data provider Planet Labs to expand its drought insurance program in the Horn of Africa (HOA) region. The reinsurer plans to leverage Planet’s Basemaps products to measure vegetation health for an area of more than 600,000 square kilometres of Eastern ... Read the full article

African Risk Capacity launches parametric insurance product

12th December 2022

The African Risk Capacity has launched its own parametric insurance product against high-impact epidemic risks. In a statement, the organisation said that Senegal was to be the first African country to join this new innovative financing mechanism. African Ministers of Finance in 2015 requested ARC to develop a product to meet countries' ... Read the full article

Aon appoints head of transaction solutions for Sub-Saharan Africa

1st December 2022

Aon has appointed Maakopi Reason Maredi as head of transaction solutions for the Sub-Saharan Africa region. The firm said in a statement that Reason will be based in Johannesburg and joins the firm from Webber Wentzel, where she was a corporate partner and gained broad corporate and commercial transactional experience. Prior to ... Read the full article

Etihad Credit Insurance & African Trade Insurance Agency sign reinsurance agreement

24th November 2022

Etihad Credit Insurance (ECI) and African Trade Insurance Agency (ATI) have signed a reciprocal reinsurance agreement to strengthen trade ties and boost exports between the two markets by providing trade credit insurance and trade finance solutions to businesses. The deal follows the Memorandum of Understanding (MoU) each entity signed in March ... Read the full article

Africa Specialty Risks partners with Africa Re on political risk & trade credit

22nd November 2022

Africa Specialty Risks and the African Reinsurance Corporation have announced that they have entered into a partnership agreement on the provision of Political Risk and Trade Credit Insurance through an Underwriting Authority Agreement which brings in a $10 million multi-year capacity for risks situated in Africa and the Middle East. Read the full article

Africa Specialty Risks partners with Société Centrale de Réassurance

18th November 2022

Pan-African (re)insurer Africa Specialty Risks (ASR) has entered a partnership agreement with Moroccan reinsurer Société Centrale de Réassurance (SCR). A joint statement said that the pair will be combining capacities to write multi-business line coverage across Africa and the Middle East, with the joint capacity being led by the ASR team ... Read the full article

African insurers pledge $14bn of cover to take up climate change fight

15th November 2022

A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people within the continent against floods, droughts, and tropical cyclones. The commitment to create the African Climate Risk Facility (ACRF) was made during the ongoing ... Read the full article

African Risk Capacity receives €‎9m grant from EU Commission

15th November 2022

The African Risk Capacity (ARC) has received a grant funding of €‎9 million from the European Union Commision at a special COP 27 event as part of marking the 10th anniversary of the specialised agency of the African Union. The ARC was established in 2021, it is a provider of parametric ... Read the full article

More African countries need to come into the parametric fold: ARC CEO

3rd November 2022

The impacts of climate change see Africa lose up to 15% of its gross domestic product per capita, every year, suggesting there's an urgent need to expand the use of alternative risk solutions, such as parametrics, to help more countries effectively navigate the changing climate. This is according to the African ... Read the full article

African Development Bank, UK & London Market insurers enter risk transfer partnership

24th October 2022

The African Development Bank, the government of the United Kingdom, and global insurers, AXA XL, Axis Specialty, and HDI Global Specialty, have closed on a new and innovative risk sharing transaction. The Room to Run Sovereign transaction was structured with the intention of scaling up the African Development Bank Group’s commitments ... Read the full article

Allianz completes acquisition of Jubilee businesses in East Africa

10th October 2022

Allianz has announced that it has completed its transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa, namely in Kenya, Uganda, Tanzania, Burundi and Mauritius. The two companies had originally announced the $100 million takeover back in September 2020, when Allianz agreed to ... Read the full article

Building resilience to climate change is of paramount importance in Africa: ARC

29th September 2022

Ahead of COP27, the African Risk Capacity (ARC) outlines the importance of parametric insurance on the African continent, highlighting the need for further collaboration with more developed nations. ARC provides parametric insurance services to African Union member states and farmer organisations to pool disaster-related risk across Africa and transfer it to ... Read the full article

TALANX joins roster of firms refusing to cover East African Crude Oil Pipeline

25th August 2022

German insurer TALANX had joined a chorus of firms now refusing to provide cover for the East African Crude Oil Pipeline (EACOP), a move that could have severe ramifications for the project. A statement from TALANX, posted to the Stop EACOP website, states that the firm is joining 11 other (re)insurers, ... Read the full article

ARC addresses role of insurance on climate change impacts in Africa

10th August 2022

The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the ... Read the full article