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Alesco to arrange $3.5B energy reinsurance facility for Equatorial Guinea

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Alesco to arrange $3.5B energy reinsurance facility for Equatorial Guinea

Arthur J. Gallagher & Co. subsidiary Alesco Risk Management Services Ltd. will arrange a $3.5 billion reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea.

The facility adheres to local insurance regulations that require all companies in the petroleum and gas sector in the country to be insured by GEPetrol Seguros, a local insurance company licensed by regional insurance oversight body Conférence Interafricaine des Marchés d'Assurances.

Alesco was appointed by African Reinsurance Corp., a pan-African provider whose owners comprise 41 African Union member states, 112 African insurers and reinsurers, the African Development Bank and Allianz, Axa and Fairfax Financial.