Africa Re, Lloyd's offer $3.5 billion of reinsurance for energy risks

Posted On: Mar. 22, 2019 5:51 AM CST

Oil and gas drilling platform in the Gulf of Guinea in Africa

Nigeria-based African Reinsurance Corp. has selected U.K.-based Alesco Risk Management Services Ltd. to provide a $3.5 billion reinsurance facility, placed through Lloyd's of London to cover energy risks in Equatorial Guinea, Verdict.co.uk reported. The reinsurance facility will cover global oil firms' upstream energy risks in Equatorial Guinea and help the government to set up a local insurance industry.