Marsh, Citi partner on vaccine program
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Insurance brokerage Marsh and New York-based bank Citi said Tuesday they had collaborated on the placement of a risk mitigation structure on behalf of Gavi, the Vaccine Alliance, to cover the risk associated with governments self-funding their coronavirus vaccine procurement through the COVAX Facility.
The risk transfer provides cover against the risk of non-payment by 21 countries across Africa, the Americas, Asia and continental Europe. Under the terms of the policy, the identity of the countries covered, and other aspects of the policy, will not be disclosed.
The policy is underwritten by six leading insurers: Axa XL, part of France’s Axa SA; Chubb Ltd.; Liberty Specialty Markets, part of Liberty Mutual Insurance Co.; Sovereign Risk Insurance; Swiss Re Corporate Solutions; part of Swiss Reinsurance Co.; and Tokio Marine HCC, part of Japan’s Tokio Marine Holdings Inc.
The risk transfer will allow Gavi to pre-purchase vaccines in bulk from manufacturers in order to facilitate more rapid and equitable distribution of vaccines globally, the statement said Tuesday.
Stephen Kay, political risk leader at Marsh, said in the statement the coverage would “allow Gavi to procure and distribute vaccines more speedily and with greater financial confidence.”
Assietou Diouf, Gavi’s managing director of finance and operations, said the deal “will further strengthen the foundation of COVAX.”
Jay Collins, vice chairman, banking, capital markets and advisory at Citi, said, “This public private partnership is a further example of the innovative steps the COVAX Facility is taking to achieve its mission.”
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