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African Risk Capacity Insurance names CEO

African RiskCapacity Insurance Co. named Dolika Banda CEO, effective Sept. 7.

Banda will replace Simon Young, who will continue to servethe company in an advisory capacity. Young will also continue to serve as thecompany's acting chief underwriting officer, until a permanent appointment ismade in 2016.

Banda, who currently serves as a nonexecutive director on anumber of boards, including Ecobank Transnational Inc., was regional director forAfrica at the U.K.'s Commonwealth Development Corp. and has also worked at theWorld Bank Group's International Finance Corp. for 16 years. As director offinancial markets, she managed the IFC's financial markets activities acrosssub-Saharan Africa, Latin America and the Caribbean.

Bermuda-registered African Risk Capacity Insurance is afinancial affiliate of African Risk Capacity Agency and provides parametric naturaldisaster insurance to African governments.