Ogier has launched a new ‘risk transfer mechanism’ in collaboration with Aon, Lloyd’s Disaster Risk Facility and the Centre for Disaster Protection.
The new tool, which uses a Guernsey protected cell company and other Guernsey vehicles in its structure, will ensure that quick support is available when a humanitarian disaster occurs.
Ogier’s banking and finance team in Guernsey has advised The International Federation of Red Cross and Red Crescent Societies (IFRC) on the launch, which it claims will transform the organisation's approach to disaster response.
The mechanism provides a backstop for the IFRC's Disaster Response Emergency Fund. This is a mechanism for donors to channel global short-term emergency funding directly tolocal community-based relief initiatives.
Ogier also provided advice to IFRC in connection with the establishment of the Guernsey structure to facilitate the creation of the risk transfer mechanism.
Ogier is a law firm with offices in the British Virgin Islands, Cayman, Guernsey, Ireland, Jersey and Luxembourg.
Its team in Guernsey was led by Ogier’s partner Christopher Jones, with managing associate Matthew Macfarlane.
Jones comments: "This is the first time an indemnity-based reinsurance model has been developed within a humanitarian disaster risk finance context. We're delighted to have advised our client on this project which will provide extra funding for life-saving emergency assistance."
