Munich Re Assumes Administration For NetGuarantee
Example of Private Sector Innovation to Combat Disease
NEW YORK, May 7, 2013
NEW YORK, May 7, 2013 /PRNewswire-USNewswire/ --Malaria No More, the New
York-based parent company of NetGuarantee LLC (NetGuarantee), today announced
that Munich Re will assume administration for the NetGuarantee program.
Established by Malaria No More in 2009, NetGuarantee — a first-of-its-kind
innovative finance mechanism — was created to help accelerate the delivery of
life-saving health commodities to at-risk populations using private sector,
market-based solutions. Since its founding, NetGuarantee has received
financial and other support from the Betsy and Jesse Fink Foundation, Bill &
Melinda Gates Foundation, ExxonMobil, Goldman Sachs Gives, Soros Economic
Development Fund, Crowell & Moring, and Malaria No More.
NetGuarantee launched its inaugural transaction in 2011 to help expedite the
delivery of 250,000 mosquito nets, funded by a grant from the Global Fund to
Fight AIDS, Tuberculosis and Malaria (the Global Fund), to the people of
Mozambique in southeast Africa. Under the pilot transaction, NetGuarantee's
program allowed mosquito net production to begin seven months before the grant
funds were disbursed. The nets reached Mozambique in November 2011, and were
quickly distributed to areas of the country hit hardest by the disease just in
advance of the country's peak malaria transmission season. Montrose Africa, an
independent consultancy based in Africa, estimated that over 54,000 malaria
cases were averted and more than 200 lives were saved because of this one
transaction. As a result of the transfer of the NetGuarantee program to Munich
Re, payment insurance for future projects supported by the program will be
provided by a special primary insurer of Munich Re.
"The transaction in Mozambique clearly demonstrated that private sector
financial practices can support Global Fund efforts to work with countries to
avoid cases of disease and save lives," said Martin Edlund, CEO of Malaria No
More. "We are delighted that Munich Re will enhance and scale up the
NetGuarantee concept by granting payment insurance for future projects."
The transfer of the NetGuarantee program to Munich Re highlights the powerful
impact that private sector collaboration can have on global public health.
"Innovative approaches like NetGuarantee make a tremendous difference, and
this move shows how working together with private sector solutions can advance
our collective goals," said Mark Dybul, Executive Director of the Global Fund.
About Malaria No More
Malaria No More is determined to end malaria deaths. We're helping the world
get it done by engaging leaders, rallying the public, and delivering
life-saving tools and education to families across Africa. Founded in 2006 by
business leaders Ray Chambers and Peter Chernin, Malaria No More is working to
create a world in which no one dies from a mosquito bite. For more
information, visit www.MalariaNoMore.org.
Malaria No More
SOURCE Malaria No More
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