PROJECT

Projects

Summary of Proposed Investment

Project Number

24964

Company Name

PartnerRe Ltd.

Date SPI Disclosed

Nov 29, 2006

Country

World Region

Industry

Financial Markets

Projected Board Date

Jan 31, 2007

Status

Pending Signing

Sector

Reinsurance

Department

NonBanking & Alternative Finance

Environmental Category

C - No Impact

Previous Events

Approved : Nov 8, 2007

Project Description

The project is to establish a Global Index Reinsurance Facility (GIRIF or the company). GIRIF would consist of:

- a commercial risk-taking company to underwrite indexable weather and other indexable natural catastrophe risks in developing countries; and
-a technical assistance/donor funding pool to develop the technical parameters of the business.

The commercial risk-taking company will structure, underwrite and intermediate these risks for the protection of private entities and government, local farmers and financial intermediaries. The company will reinsure weather/catastrophic events, which adversely impact on the development process in developing countries and, in particular, on low-income and rural communities/individuals at the micro level. Index-based catastrophic insurance is a complex and sophisticated financial instrument, which is considered to be an efficient and effective means of intermediating catastrophic risks.

Sponsor / Cost / Location

Development Impact