Africa Specialty Risks (ASR) has entered binding authority agreements with Slovenia-based reinsurance company Sava Re.
Under the terms of the agreements, Sava Re will provide up to $10m in line size for ASR’s core classes.
The agreement is said to offer Sava Re enhanced access to risks originating from Africa, the Middle East and other developing markets.
Sava Re, the operating holding company of the Sava Insurance Group, services more than 450 partners across more than 100 reinsurance markets globally.
ASR CEO Mikir Shah said: “Sava Re is one of the strongest reinsurers in CEE [Central and Eastern Europe] with excellent risk and capital management, demonstrated by their financial strength ratings. Entering into this partnership gives us further access to leading capacity, which we can deploy to developing markets.
“Throughout Africa, the Middle East and growth economies, there is a huge demand for specialty insurance solutions, and ASR will continue to be at the forefront of meeting this demand.”
Sava Re management board chairman Marko Jazbec said: “This agreement with ASR will enable us to increase our footprint in Africa, the Middle East and developing markets. ASR have a strong distribution network across these regions, and we can add geographic diversification to our portfolio, while knowing that we are partnering with a diligent and leading underwriting-focused firm.”
Earlier this month, ASR received authorisation for ASR North Africa to operate as a Lloyd’s service company.
This authorisation allows the company to underwrite on behalf of Syndicate 2454, providing brokers in Morocco and north-west Africa with direct access to Lloyd’s capacity.
