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LONDON, 4th October 2024 -/African Media Agency (AMA)/- Africa Specialty Risks (ASR), the pan-African and Middle East focused (re)insurance group, announces that Africa Specialty Risks Ltd (ASR Ltd), ASR’s UK based entity is operating as a Lloyd’s service company, underwriting on behalf of ASR Syndicate 2454. This development enhances ASR’s distribution network, providing brokers in Africa and the Middle East better and more efficient access to the Lloyd’s market through its service company.
ASR Ltd is now able to write up to USD $10 million per risk across its Political Violence and Terrorism, Energy, Construction, Property, and Liability lines of business, with additional lines to be added, subject to necessary approvals.
Supporting ASR’s core values and strategic goal of boosting developing markets’ domestic capacity, this development enables ASR to leverage Lloyd’s global brand and licences to close the capacity gap across Africa. It also complements ASR’s existing partnerships with other international and local African reinsurers, assisting ASR’s partners in retaining risk effectively, while enhancing Lloyd’s existing footprint in and across the continent.
Martin Boreham is the Active Underwriter of Syndicate 2454 and a Director of Underwriting at ASR, ASR Syndicate 2454 was set up to increase high quality capacity for the African market, with the initial aim to write gross premium of approximately £70 million for 2024.
Mikir Shah, CEO of ASR, commented: “This is another milestone in helping us achieve our objective of closing the insurance gap in Africa, providing access to local African brokers and enabling us to better distribute our Lloyd’s capacity on the continent, while maintaining the highest standards of service and reliability.”
Martin Boreham, Active Underwriter of Syndicate 2454 and Director of Underwriting at ASR, commented: “We have an exceptional team of underwriters in London and this development will allow ASR Syndicate 2454 to leverage the market presence of Africa Specialty Risks and its distribution network. This agreement provides African brokers access to the A+ paper of Lloyd’s and is a step towards our ambition of being the go-to Lloyd’s market for the continent.”
Amit Khilosia, Regional Head of Africa, Lloyd’s, commented: “This announcement represents another incredibly important milestone for Africa Specialty Risks and the Lloyd’s ecosystem. This development will significantly improve market access, providing a more efficient route to our clients, and further galvanising our market in London as the go-to place for African risks.”
Distributed by African Media Agency (AMA) on behalf of Africa Specialty Risks (ASR)
About ASR
Africa Specialty Risks (ASR) provides comprehensive risk mitigating solutions through high quality underwriting to local and global customers across Africa and the Middle East, with operations in London, Mauritius, Bermuda, Morocco. Since its launch, ASR participated in the de-risking of $28 bn of projects and assets across 66 countries.
In addition to our Bermuda and Mauritius reinsurers, ASR’s unique co-reinsurance model involves collaborating with local and international (re)insurance companies. In 2024, ASR launched Syndicate 2454, it is the first African focused syndicate writing business at Lloyd’s.
Across the group, ASR underwrites across Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, Liability, Parametric and Treaty. ASR also offers an end-to-end captive solution to corporate and financial institutions.
ASR is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets.
MEDIA CONTACT
Africa Speciality Risks
Mikir Shah, CEO
+44 20 7920 3150
Perpetual Motion
Samantha Seewoosurrun
samantha@perpetualmotionltd.com
+230 5772 4400
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