Reinsurance group Africa Specialty Risks (ASR) has unveiled its Lloyd’s service company in Mauritius, which is underwriting local business for Syndicate 2454.
Africa Specialty Risks Mauritius is said to be the first Africa-focused Lloyd’s service company based in the country.
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Syndicate 2454 is the Africa-focused syndicate writing business at Lloyd’s. At present, Africa accounts for 2% of Lloyd’s total business.
Having commenced underwriting in April 2024, Syndicate 2454 is projected to underwrite £125m in gross premiums this year.
It will concentrate on underwriting ASR’s established lines of business such as construction, liability and treaty, parametric, political risk & trade credit, political violence and terrorism, property, as well as energy.
ASR Mauritius MD Krishna Bheenick said: “It is incredibly exciting for us that Syndicate 2454, with its focus on Africa, is now able to offer Lloyd’s solutions and robust security through our Lloyd’s service company in Mauritius.”
ASR chief distribution officer Amit Khilosia stated: “This is a significant milestone for ASR, allowing us to service the industry in both Mauritius and Africa. ASR has actively supported the Mauritius International Financial Centre (MIFC) in its ambition to become a (re)insurance hub for the continent, and our growing relationship with Lloyd’s enhances this objective.”
