Norton Rose Fulbright advises Global Parametrics on natural catastrophe fund

Global law firm Norton Rose Fulbright has advised Global Parametrics in relation to its arrangements with global reinsurance firm Hannover Re and the German Government in relation to a new natural catastrophe focused investment fund, NDF Deutschland.

Hannover Re has committed $50 million of capacity to a new risk transfer fund for natural disasters, developed in partnership with the German government and Global Parametrics, a provider of parametric protection in developing markets. The NDF Deutschland has also secured initial commitments of €25 million from the German Federal Ministry for Economic Cooperation and Development (BMZ).

Managed by the Global Parametrics team, the fund will target investments in risk-transfer instruments exclusively relating to natural catastrophes and climate risks in developing markets.

The fund follows on from and will partner with, the NDF UK, which was launched in January 2018 with £25m of committed capital from the UK’s Department for International Development (DfiD).

Global Parametrics is a parametric and index-based disaster risk transfer company that aims to redefine the market for disaster preparedness and response. NDF Deutschland will invest in risk transfer instruments exclusively relating to natural catastrophes and climate risks in developing markets.

The Norton Rose Fulbright team advising Global Parametrics was led by partner Nicholas Berry (corporate and regulatory insurance) and included partner Dominic Stuttaford (tax), senior associate Albert Weatherill (financial services regulatory) and associate David Bartlett (corporate and regulatory insurance).

Norton Rose Fulbright’s global team of insurance lawyers advise many of the world’s leading insurers and reinsurers on their most significant corporate, regulatory and transactional matters as well as on complex claims, class actions, disputes and investigations. The firm also has a dedicated team of lawyers considering the impact of climate change on the insurance sector. Operating from each of the world’s key insurance markets and with lawyers drawn from across every practice area, the firm’s clients benefit from its cutting-edge legal experience and deep industry knowledge to provide tailored solutions to their most challenging and high profile assignments.