Since its inception in February 2021, ASR has reinsured projects and assets worth $23bn. Credit: garagestock/Shutterstock.

Africa Specialty Risks (ASR), a reinsurance group focused on the pan-African and Middle East regions, has officially opened a new office in Dubai International Financial Centre (DIFC) in the United Arab Emirates (UAE).  

This marks the company’s first location in the Middle East region. Named ASR Middle East, the unit will focus on strengthening the company’s presence in the Emirates and the broader region.  

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ASR has been active in the Middle East since February 2022 and received ‘in principle’ approval from the Dubai Financial Service Authority for company registration in January 2024. 

Since its inception in February 2021, ASR has been involved in de-risking projects and assets worth $23bn (£18.21bn) and conducting business across 14 Middle Eastern countries and 49 African nations.  

The company intends to use its Dubai office to further enhance its customer service and facilitate collaboration with global business partners. 

Furthermore, it is expected to bolster the company’s African portfolio and support the expansion of its Middle Eastern business activities. 

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Africa Specialty Risks CEO Mikir Shah said: “I am delighted that our new ASR Middle East office in Dubai is now open. Establishing a presence in Dubai is a natural next step for us as we continue to grow in the region and strengthen our ability to facilitate and de-risk the inter-regional trade between Africa and the Middle East.”  

Leading the expansion in the Middle East is Zouheb Azam, who holds the position of head of political violence & terrorism at ASR.  

Azam, with 15 years of experience in the industry and region, will also serve as the senior executive officer for ASR Middle East.  

His previous roles include positions at Gras Savoye, Willis Tower Watson and AXA. 

ASR Middle East will offer an array of corporate and specialty insurance products across ASR’s nine business lines.  

These include construction, energy, liability, parametric, political risk & trade credit, political violence & terrorism, property, security risk and treaty.  

The Dubai office joins ASR’s existing network of locations in London, Mauritius, Bermuda and Morocco. 

DIFC Authority chief business development officer Salmaan Jaffery said: “We welcome ASR Middle East to DIFC, which is now the deepest reinsurance market between London and Singapore.  

“As Dubai continues to rise as a global hub for insurance and reinsurance, this strategic move positions the firm perfectly for expansion and enhanced service delivery for clients across key growth markets.”