Willis has been awarded ‘Reinsurance Transaction of the Year’ for its African Multinational Catastrophe Pool at the Insurance Insider annual Honours ceremony. The broker side of the Willis Group, Willis Re, is a longstanding ICMIF Supporting Member.
Africa Risk Capacity Insurance Company Ltd (ARC Ltd) is a Bermuda based mutual insurance company, it was been set up to issue insurance policies against drought to an initial group of five African countries: Kenya, Mauritania, Mozambique, Niger and Senegal. It will allow member countries to respond quickly to a developing crisis, and rely less on uncertain international aid in times of drought. Teams from both Willis Re and Willis’s Global Weather Risks Practice were involved in shaping the structure of ARC Ltd’s reinsurance programme. The company was launched on 1 May 2014.
“Willis modelled, designed and placed the reinsurance of Africa Risk Capacity Insurance Company Ltd (ARC Ltd), involving the technical and marketing skills of a cross-disciplinary team from its Reinsurance, Agricultural and Global Weather Risks practices,” said David Simmons, Managing Director at Willis Analytics.
“The broke to the reinsurance market was complex, requiring a comprehensive understanding of the index and weather trends. Willis was able to secure quotations from 15 reinsurers and catastrophe funds, with ultimate capacity secured from 12, despite extremely keen pricing driven by Willis’s analytics,” Mr Simmons added.
The Insurance Insider Honours took place in London, UK, on Thursday 11 September 2014.