Aquila and Gensec offer weather derivatives in South Africa
Energy company Aquila and Gensec Bank have signed an alliance to market weather derivatives in South Africa. They will be the first weather products to be marketed in that country.
Gensec’s executive director Mark Murning said the bank will focus its marketing on companies in the agriculture, construction, energy, food and beverage, insurance and leisure industries. The bank has seen some interest from South African companies, but they are at the very early stages of introducing weather hedging programmes.
Kansas City-based Aquila has launched similar alliances with companies in Australia, Japan and Europe. This is the company’s first involvement in Africa.
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