Africa Specialty Risks (ASR), a reinsurance group with a focus on the pan-African and Middle East regions, has announced that its UK unit, Africa Specialty Risks Ltd (ASR Ltd) has commenced operations as a Lloyd’s service company.
With the move, ASR Ltd will be able to underwrite on ASR Syndicate 2454’s behalf.
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It is expected to bolster ASR’s distribution network, offering intermediaries in Africa and the Middle East with enhanced access to the Lloyd’s market through ASR Ltd.
ASR Ltd is now empowered to write up to $10m (£7.7m) per risk across various lines of business, including political violence and terrorism, energy, construction, property, and liability.
The company has plans to expand its offerings pending necessary approvals.
The move is aligned with ASR’s core values and strategic goal of enhancing the domestic capacity of developing markets.
By leveraging Lloyd’s global brand and licences, ASR aims to bridge the capacity gap across Africa.
This initiative also complements ASR’s existing partnerships with both international and local African reinsurers, facilitating effective risk retention and enhancing Lloyd’s footprint on the continent.
ASR CEO Mikir Shah said: “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.”
ASR active underwriter of Syndicate 2454 and director of underwriting Martin Boreham said: “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.”
In July, ASR inaugurated a new office in Dubai International Financial Centre in the United Arab Emirates.
Called ASR Middle East, this unit is dedicated to strengthening the company’s presence in the Emirates and the wider Middle East region.
Since its inception in 2021, ASR claims to have de-risked projects and assets valued at $28bn across 66 countries.
