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Appleby Bermuda advises ARC on first sovereign risk insurance pool

Appleby acted as Bermuda counsel to African Risk Capacity (ARC) on the incorporation and registration of ARC Insurance Company Limited (ARC Ltd), a Bermuda-domiciled company established to provide insurance coverage against drought and other weather-related risks.

Germany and the UK are founding members of the mutual and contributed the initial capital.
ARC Ltd has been initially capitalised with USD135 million in drought insurance coverage tailored to the specific needs of the five insured countries: Kenya, Mauritania, Mozambique, Niger and Senegal.
Additionally, USD55 million will be provided via global reinsurers and weather risk markets in order to cover the risks it is taking on from the participating countries.
The Appleby team was led by insurance partner Brad Adderley in the Bermuda office.
Adderley says: “Climate change is a global concern and at the forefront for governments who are grappling with how to respond to such events. In the last few years, our team has advised on a variety of insurance transactions structured through special purpose vehicles related to hurricane losses and even agriculture-related exposures. This transaction with ARC is of great significance, further reflecting an increased global focus on the importance of assessing and responding to weather-related risks, particularly affecting those vulnerable populations from extreme events.”

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