Gallagher Re, the global reinsurance broking and advisory firm, has been selected by Senegal’s Public Solidarity Fund (FSN, Fonds de Solidarité Nationale) to develop a risk financing strategy for climate risk and food insecurity in the country.
FSN is the national authority in charge of providing financial assistance to populations in the aftermath of crises and disaster shocks.
Gallagher Re’s global practice will seek to conduct implementation and operationalisation activities to ensure the FSN is fully equipped with the right financing instruments, triggering adequate compensations to affected populations through the right distribution channels.
Senegal is currently facing drought conditions and imports more than 50% of its wheat from Russia and Ukraine, and, as a result, is seeking innovative solutions that make use of public funding whilst leveraging private markets expertise and sovereign de-risking products.
“We are very pleased to be teaming up with Gallagher Re during this critical early stage of our development,” said Mamadou Ndao, Director of the FSN.
“Their highly specialised knowledge and international experience in practical operationalisation of similar public funds will be of tremendous value to us and we look forward to laying out together the various building blocks of societal and financial resilience in Senegal for the years to come.”
Antoine Bavandi, Global Head of Public Sector, Parametric & Climate Resilience Solutions at Gallagher Re, also commented: “We are deeply honoured to begin this journey with the FSN and to support its critical mission. We look forward to leveraging our core expertise on topics spanning public-private partnerships, climate and systemic risk modelling, financial analytics and product structuring.”
“In the current political and climate context, we aim to offer comprehensive resilience solutions to a broad range of interconnected risks and global threats. We very much welcome President Sall’s vision and the FSN’s bold development plans, which could pave the way to further deployments across the region as well.”
“The risk environment has changed dramatically over the last few years, leaving economies and communities, particularly in West Africa, vulnerable and exposed,” added Natalie van de Coolwijk, Regional Director, Middle East & Africa at Gallagher Re.
“It is a privilege for Gallagher Re to support ground-breaking initiatives, such as Senegal’s Public Solidarity Fund, aimed at changing this narrative. Our goal is to deliver financial stability and sustainability to our clients and stakeholders through the provision of comprehensive, relevant and impactful solutions, from analytics and modelling to product structuring and risk financing. With global threats and interconnected risks on the rise, we will be better equipped to face the future, together.”
