Appleby’s role in African cover against epidemic risks | CPT PPP Coverage
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Appleby’s role in African cover against epidemic risks appeared on www.royalgazette.com by TheRoyalGazette.
Created: Dec 09, 2022 12:00 PM
Globally significant: Brad Adderley, Appleby Bermuda managing partner (Photograph supplied)
Appleby Bermuda has advised Arc Ltd, a longstanding client, on its first parametric insurance product against high-impact epidemic risks.
The product will provide parametric insurance to African Union member states for three selected pathogens responsible for Ebola virus disease, Marburg virus disease, and Meningitis.
Senegal will become the first African country to benefit from this innovative risk financing instrument against diseases of epidemic potential and paves the way for participation by other member states of the AU.
African ministers of finance in 2015 requested Arc to develop a product to meet countries’ rapid funding needs to contain high-impact infectious disease outbreaks and complement the efforts of the Africa Centres for Disease Control and Prevention.
After Arc announced the launch of the product, Appleby confirmed its role included establishing the segregated account framework for Arc Ltd to create the legal and operational framework for this globally unique programme.
The law firm said it demonstrates Appleby’s commitment to support development insurance programmes designed to expand global public benefit and to protect vulnerable communities.
Brad Adderley, Bermuda managing partner, led the transaction with support from partner Gary Harris, counsel Josephine Noddings and associate Amber Farrington.
Mr Adderley congratulated the Arc Ltd team on the launch, noting: “This innovative and globally significant risk financing instrument will help Africa’s most vulnerable countries.
“We are proud of our decade-long relationship with Arc Ltd, and are pleased to support them as they continue to further innovate and build resilience against natural disasters, such as outbreaks and epidemics perils.”
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