LONDON, October 4, 2024 -/African Media Agency (AMA)/- Africa Specialty Risks (ASR), an insurance and reinsurance group operating in Africa and the Middle East, strengthens its activity with the announcement of the green light obtained by Africa Specialty Risks Ltd (ASR Ltd), the UK-based entity of ASR to operate as a Lloyd’s service company on behalf of the ASR 2454 syndicate.
This agreement will have a definite positive impact on ASR’s distribution network, providing brokers in Africa and the Middle East greater access to the Lloyd’s market through its services company.
ASR Ltd is now able to underwrite up to USD 10 million per risk in the specific business sectors: Political Violence and Terrorism, Energy, Construction, Property and Casualty, with additional lines to be added, subject to necessary approvals .
Reflecting ASR’s core values and its strategic objective of strengthening national capabilities in developing markets, this agreement allows ASR to benefit from the good reputation of Lloyd’s as well as the global licenses of this insurance leader to fill the capacity deficit in Africa. It also complements ASR’s existing partnerships with other international and local African reinsurers, helping ASR’s partners to effectively hedge risks, while strengthening Lloyd’s existing footprint on the continent.
Established with the aim of increasing quality insurance capacity for African markets, ASR Syndicate 2454 aims to underwrite gross premium of approximately £70 million for 2024. As an active underwriter of the Syndicate 2454 and director of underwriting at ASR,
Martin Boreham said: “We have an exceptional team of underwriters in London and this development will allow ASR Syndicate 2454 to leverage Africa Specialty Risks’ market presence and distribution network. This agreement offers African brokers access to Lloyd’s A+ rating and is a step towards our ambition to become the Lloyd’s benchmark market for the continent. »
Mikir Shah, PDG d’ASR is also optimistic about the prospects for the insurance sector in Africa through this partnership and commented: “This is another step that helps us achieve our goal of closing the insurance gap in Africa, by providing access to local African brokers to Lloyd’s insurance and reinsurance solutions and enabling us to better distribute our Lloyd’s capabilities across the continent, while maintaining the highest standards of service and reliability. »
For his part, Amit Khilosia, head of Africa at Lloyd’s said: “This announcement represents an extremely important new milestone for Africa Specialty Risks and for Lloyd’s. Indeed, this development will considerably improve our approach to the African market by offering our clients direct access to our services but also by further boosting our market in London, thus allowing us to become the reference in terms of high-end insurance offerings. standard on the continent.
Distributed by African Media Agency (AMA) pour la Africa Specialty Risks (ASR)
ABOUT ASR
Africa Specialty Risks (ASR) provides comprehensive risk reduction solutions through high quality insurance to local and international clients in Africa and the Middle East, with operations in London, Mauritius, Bermuda and in Morocco. Since its launch, ASR has helped de-risk $28 billion of projects and assets in 66 countries.
In addition to our reinsurers in Bermuda and Mauritius, ASR’s unique co-reinsurance model involves collaboration with local and international (re)insurance companies. In 2024, ASR launched Syndicate 2454, the first Africa-focused syndicate underwriting business at Lloyd’s.
ASR covers different types of risks more specifically in the sectors of commercial credit, political violence, terrorism, real estate, energy, construction, civil liability, parametric risks, political risk and treaties. ASR also offers a complete captive solution to businesses and financial institutions.
ASR is supported by Helios Investment Partners’ Fund IV and benefits from its presence across Africa, as well as its knowledge and experience in our key markets.
CONTACT MEDIA
Africa Speciality Risks
Mikir Shah, CEO
+44 20 7920 3150
Perpetual Motion
Samantha Seewoosurrun
samantha@perpetualmotionltd.com
+230 5772 4400
Source : African Media Agency (AMA)
2024-10-04 10:56:25
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