Africa Speciality Risks Ltd (ASR Ltd), the United Kingdom-based subsidiary of Africa Speciality Risks, a (re)insurance organization with a focus on the Middle East and Africa, has announced that it is underwriting on behalf of ASR Syndicate 2454 as Lloyd’s service company.
ASR’s distribution network is strengthened by this move, giving brokers across the Middle East and Africa better and more effective access to Lloyd’s market through its service firm. ASR Ltd. is now permitted to write up to $10 million per risk across its political violence and terrorism, energy, construction, property, and liability lines of business, with new lines to be added, subject to requisite clearances, according to a statement available to BrandSpur digital news platform.
According to the statement: “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.”
According to the announcement, ASR Syndicate 2454 was established to expand high-quality capacity for the African market, with the initial goal of writing a gross premium of roughly £70 million for 2024.
Martin Boreham is the Active Underwriter of Syndicate 2454 and a Director of Underwriting at ASR. He had this to say: “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.”
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Continuing, ASR’s CEO, Mikir Shah, made the following statement: “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.”
Additionally, Lloyd’s Amit Khilosia, Regional Head of Africa, stated: “This announcement represents another incredibly important milestone for Africa Specialty Risks and 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.”
BrandSpur reveals these pertinent information about ASR:
With offices in London, Mauritius, Bermuda, and Morocco, Africa Speciality Risks offers local and international clients throughout Africa and the Middle East complete risk mitigation solutions through superior underwriting.
ASR has helped de-risk $28 billion worth of projects and assets in 66 countries since its founding.
ASR’s distinctive co-reinsurance concept entails working with both domestic and foreign (re)insurance firms in addition to our Bermuda and Mauritius reinsurers. Syndicate 2454, the first Lloyd’s syndicate writing business with an African focus, was introduced by ASR in 2024.
Supported by Helios Investment Partners’ Fund IV, ASR gains from their broad presence throughout Africa as well as their expertise in our important markets.
