Africa Specialty Risks (ASR), a pan-African and Middle East-focused (re)insurance group, has recently announced significant advancements through its subsidiary, Africa Specialty Risks Ltd (ASR Ltd), which is now operating as a Lloyd’s service company. This new operational capability will enable ASR Ltd to underwrite on behalf of ASR Syndicate 2454, thereby significantly enhancing ASR’s distribution network. Brokers operating in Africa and the Middle East will benefit from improved accessibility and efficiency in engaging with the Lloyd’s market through this dedicated service company, a move aimed at addressing the specific insurance needs of the region.
With the new setup, ASR Ltd can now underwrite risks of up to $10 million across various lines of business, including political violence and terrorism, energy, construction, property, and liability, with plans for further expansion pending the necessary regulatory approvals. This strategic development acknowledges and supports ASR’s core values, particularly its goal of enhancing the domestic capacity of developing markets. The deployment of the Lloyd’s brand and licenses is aimed at bridging the existing capacity gap in the African insurance market. This aligns with ASR’s ongoing collaborations with both international and local reinsurers, reinforcing its commitment to helping partners manage risk effectively while simultaneously expanding Lloyd’s presence in the region.
Martin Boreham, who serves as the Active Underwriter of Syndicate 2454 and is a Director of Underwriting at ASR, noted that the syndicate was established to boost high-quality insurance capacity tailored specifically for the African market. The objective for 2024 is to generate approximately £70 million in gross premiums. This ambition reflects ASR’s dedication to improving the local insurance landscape and providing adequate solutions to cater to the unique challenges present in African markets. Such initiatives are critical in accommodating the diverse needs of local businesses and industries, facilitating the growth of economies in the region.
Mikir Shah, the Chief Executive Officer of ASR, expressed that this significant milestone represents a step further towards achieving their goal of closing the insurance gap within Africa. By linking local brokers with the advantages of Lloyd’s capacity, ASR aims to distribute its underwriting capabilities more efficiently across the continent while maintaining the utmost service standards. This approach provides invaluable support to local enterprises, fostering an environment where businesses can operate with greater security against various risks.
In a similar vein, Martin Boreham highlighted the presence of a skilled team of underwriters in London that would bolster the operations of ASR Syndicate 2454. He emphasized that this new agreement allows African brokers to access Lloyd’s A+ rated insurance products, establishing ASR as a reliable option for the continent’s diverse insurance needs. The collective expertise within ASR and the affiliation with Lloyd’s aims to position the syndicate as a primary resource for businesses seeking insurance and reinsurance solutions specific to the African context.
The significance of this partnership is also echoed by Amit Khilosia, the Regional Head of Africa at Lloyd’s, who acknowledged the positive implications of this development for both ASR and the broader Lloyd’s ecosystem. By enhancing market access and streamlining processes for clients, this initiative is poised to reinforce London’s role as a primary hub for managing African risks. With operations spanning across multiple locations, including London, Mauritius, Bermuda, and Morocco, ASR has already successfully de-risked $28 billion of projects and assets in 66 countries since its inception, indicating a strong track record in providing comprehensive risk management solutions tailored to local and global clientele.
