LONDON, DUBAI, 1 July 2024, /African Media Agency/- Africa Specialty Risks (ASR), a pan-African and Middle Eastern reinsurance group, is pleased to announce the launch of its first Middle East office in Dubai.
The Group has been active in the region since February 2022 and the launch of “ASR Middle East” will allow it to strengthen its relationships in the Emirate and the Middle East region. The new office is located at the Dubai International Financial Centre (DIFC), the leading financial centre for the Middle East, Africa and South Asia (MEASA).
Mikir Shah, Managing Director of Africa Specialty Riskssaid: “I am delighted that ASR Middle East’s new office in Dubai is now open. Establishing a presence in Dubai is a natural step for us as we continue to expand in the region and strengthen our ability to facilitate and de-risk inter-regional trade between Africa and the Middle East.”
Salmaan Jaffery, Chief Business Development Officer de la DIFC Authoritysaid: “We welcome ASR Middle East to the DIFC, which is now the deepest reinsurance market between London and Singapore. As Dubai continues to consolidate itself as a global insurance and reinsurance hub, this strategic move positions ASR Middle East well for expansion and enhanced service delivery to clients in key growth markets.”
ASR began underwriting in February 2021 and has since reduced USD 23 billion of project and asset risk; ASR has also written business in 14 countries in the Middle East and 49 countries in Africa. The company’s expansion in the Middle East is led by Zouheb Azam, actuellement Head of Political Violence and Terrorism d’Africa Specialty Riskswho will also assume the role of Senior Executive Officer, ASR Middle East. He commented on the move: “The launch of our Dubai office represents an important and exciting milestone in our growth. It positions us at the global crossroads of financial services and insurance and will enable ASR to deepen its relationships with brokers, reinsurers and corporates across the region. Our Dubai office will complement our existing operations and progress in Africa, developing comprehensive and tailored solutions to mitigate risk in developing markets.”
Born in France, M. Azam has 15 years of experience in Africa and the Middle East as a broker and underwriter, and has built extensive relationships in the region. Prior to joining ASR, Zouheb built his Middle East and industry expertise at Gras Savoye, Willis Towers Watson and AXA.
ASR Middle East will offer a diversified set of specialist corporate coverages across its nine existing business lines, to support companies and investors operating in the region.
The Dubai office strengthens ASR’s existing network in London, Mauritius, Bermuda and Morocco, and enhances client service and collaboration with business partners globally. The launch of the DIFC office will also strengthen ASR’s African portfolio and facilitate the expansion of its business portfolio in the Middle East.
This inauguration follows the approval received by ASR in December 2023 from the Dubai Financial Service Authority (DFSA), the independent financial services regulator (see the press release here).
Distributed by African Media Agency (AMA) pour Africa Specialty Risks
About ASR
Africa Specialty Risks (ASR), through its operations in London, Mauritius, Bermuda and Morocco, provides comprehensive and customized risk transfer solutions to local and international clients across the African continent and the Middle East, giving them the confidence to grow their businesses sustainably. Since its launch, ASR has mitigated US$23 billion worth of project and asset risks across 63 countries.
In addition to reinsurers in Bermuda and Mauritius, ASR’s unique co-reinsurance model is based on collaboration with local and international (re)insurance companies. In 2024, ASR launched Syndicate 2454, becoming the first African syndicate to write business at Lloyd’s.
Within the group, ASR underwrites through its various lines of business including political risk and trade credit, political violence and terrorism, parametric products, energy, property damage, construction, civil liability and reinsurance treaties. ASR also offers a captive solution to companies and financial institutions.
ASR is backed by Helios Investment Partners Fund IV and benefits from their extensive coverage across the African continent, as well as their deep knowledge and experience in our key markets.
Company Resources
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Africa Specialty Risk
Mikir Shah, CEO
Via Tavistock
Tavistock Communications Ltd
Tim Pearson
Katie Hopkins
[email protected]
Source : African Media Agency (AMA)
2024-07-01 13:33:45
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