LONDON, England, April 29, 2024, /African Media Agency/ – Africa Specialty Risks (ASR), the pan-African reinsurance group, has launched its syndicate at Lloyd’s, dedicated to underwriting risks across Africa. This syndicate, managed by Apollo, is notably the first Lloyd’s syndicate to be dedicated to Africa.
ASR Syndicate 2454 officially committed to underwriting on 26 April 2024 forecasting a gross premium of approximately £70 million for the year 2024.
The syndicate will focus on underwriting existing business lines at ASR, including political risk and commercial credit, political violence and terrorism, parametric products, energy, property casualty, construction, liability civil and reinsurance treaties. It is planned to launch new business lines in 2024, following obtaining the necessary approvals.
This is a unique opportunity for ASR and Lloyd’s to leverage ASR’s extensive network and experience in Africa, bringing quality, locally underwritten African business to the London market. The syndicate will seek to build Lloyd’s consortia in the wake of Syndicate 2454 to deploy greater capacity.
ASR will also leverage Lloyd’s brand and global licenses to fill the capacity gap for the benefit of large corporates and special risks for clients across Africa.
Currently, only 2% of Lloyd’s business comes from Africa, which Syndicate 2454 will seek to further increase through its strategic positioning. ASR began underwriting in February 2021, with the explicit aim of closing the insurance gap in Africa and facilitating international investments to and across the continent. To date, ASR has de-risked over $20 billion worth of projects and assets across 49 African countries.
ASR subsequently expanded its activities in the Middle East and recently obtained an agreement in principle from the Dubai Financial Services Authority to open an office in the emirate.
Lloyd’s Syndicate 2454 will add to ASR’s existing partnership agreements with international reinsurers and those based in Africa.
Mikir Shah, CEO of ASR, commented: “We are delighted that Syndicate 2454 is now operational at Lloyd’s”
“Through ASR, we are working to build a company whose main mission is to advance insurance penetration in the African continent, and Syndicate 2454 represents a new step in achieving our objective,” said ASR. he added.
“By working with Apollo and Lloyd’s, we hope to contribute to the development of innovative solutions to mitigate risks in the African insurance market and encourage quality international capital and investments to take advantage of the considerable opportunities we see in the continent. »
Martin Boreham, Active Underwriter of Syndicate 2454 and Director of Underwriting at ASR, comments: “This is an exciting development for ASR, the opportunity to offer new capacity in Africa through Lloyd’s, in addition to our already existing relationships with our reinsurer partners. »
“Our objective is to be the Lloyd’s reference for Africa, by presenting to other Lloyd’s syndicates the multitude of opportunities in Africa that we already offer for our reinsurer partners on a daily basis. »
Andrew Gray, Managing Director of Apollo’s Strategic Partner Syndicates, comments:
“Achieving this milestone is a testament to the hard work, expertise and collaboration of Apollo and ASR. ASR brings something new and innovative to the Lloyd’s market. The Apollo team is proud to be ASR’s chosen partner and is equally excited to see what the partnership will accomplish in the future. »
Distributed by African Media Agency (AMA) pour Africa Specialty Risks
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About ASR
Africa Specialty Risks (ASR) provides comprehensive, 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.
ASR works proactively with local regulators to develop skills and provide training to local underwriters. Environmental, social and governance considerations are at the heart of ASR’s values, particularly with regard to strengthening local capacities.
ASR is supported by Helios Investment Partners Fund IV and benefits from their extensive coverage across the African continent.
A propos d’Apollo
Apollo is an innovative integrated insurance group dedicated to providing high quality products and services to its clients, brokers and capital partners at Lloyd’s.
We offer insurance products in several sectors, namely: property insurance, liability insurance, marine insurance, energy and transport insurance, specialist insurance, reinsurance and Smart Follow divisions, through Syndicat 1969. Through Syndicat 1971, we have a range of digital and integrated risk programs.
Our Strategic Partner Syndicates business supports new Lloyd’s players from initial concept through to full management agency services.
Contact presse:
Africa Specialty Risk
Mikir Shah, CEO
Ciaran O’Donnell, CFO
Via Tavistock
Apollo
Haggie Partners
Peter Rigby, Caroline Klein, Bec Seaton
Email: [email protected]
Tel: + 44 20 7562 4444
Tavistock Communications Ltd
Tim Pearson
Katie Hopkins
[email protected]
Source : African Media Agency (AMA)
2024-04-29 12:09:55
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