MS Amlin, the Lloyd’s global specialist re/insurer, has announced that it will join the Natural Disaster Fund (NDF) as a commercial capacity partner.
The NDF is managed by Global Parametrics, a CelsiusPro Group subsidiary, and is capitalised by commitments from the UK government’s Foreign, Commonwealth and Development Office (FCDO), and Germany’s development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).
The NDF is a blended risk transfer vehicle designed to help mitigate climate-related challenges and build resilience in low-and-middle-income countries. It currently has a portfolio of more than $100 million in risks.
This partnership, alongside long-standing partner Hannover Re, will help strengthen the NDF’s ability to provide climate and disaster protection and private risk capacity to vulnerable communities across the Global South.
MS Amlin will commit up to $50 million to share risks with the NDF. This capital injection will enhance the fund’s ability to provide risk transfer protection, supporting vulnerable communities across the Global South in building resilience to weather events and natural disasters.
As climate change continues to increase the frequency and severity of natural catastrophes, innovative public-private partnerships such as the NDF are playing an increasingly important role in efforts to close protection gaps.
Amir Sethu, Head of Sustainability at MS Amlin, said, “Our participation with the NDF reflects our commitment to deploying capacity where it can support adaptation, resilience and long-term insurability.
“We are excited to be joining such an innovative structure, to support its mission and the vital work it undertakes worldwide. Through close collaboration with the NDF and its partners, we will help to mitigate losses caused by natural disasters and build a more resilient future for vulnerable communities around the world.”
Mark Rueegg, Chief Executive Officer at CelsiusPro Group, added, “MS Amlin joining the NDF as a risk-sharing partner is an important new chapter in the NDF’s journey.
“It is part of the NDF’s mission to grow and to onboard global risk institutions. Therefore, building on the work with our highly-valued long-standing partner Hannover Re, we are bringing together cornerstone organisations in the risk transfer sector to grow the NDF and its portfolio, and therefore to increase the delivery of meaningful and sustainable impact where it is most needed.”
