Africa Specialty Risks (ASR) announced that its United Kingdom-based unit, Africa Specialty Risks, now operates as a Lloyd’s service company, underwriting for ASR Syndicate 2454.
This step strengthens ASR’s distribution, offering brokers in Africa and the Middle East easier access to the Lloyd’s market via ASR’s service company.
ASR can underwrite up to $10 mn per risk across several lines, including political violence and terrorism, energy, construction, property, and liability. Additional lines may be introduced pending necessary approvals.
Mikir Shah, ASR’s CEO, emphasized that this move helps close the insurance gap in Africa by improving access for local brokers and enabling better distribution of Lloyd’s capacity across the continent. He stressed the importance of maintaining high service standards throughout this process.
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
Mikir Shah, chief executive officer, ASR
Amit Khilosia, Lloyd’s regional head for Africa, noted that this development enhances market access, creating a more direct and efficient path for clients. It also reinforces London’s position as the primary hub for African risks.
ASR’s London-based service company capitalizes on Lloyd’s global brand and licenses. It complements ASR’s existing partnerships with local African reinsurers and other international partners.
This collaboration helps retain risks effectively while expanding Lloyd’s footprint in Africa.
Martin Boreham, the active underwriter for Syndicate 2454 and ASR’s director of underwriting, mentioned that ASR Syndicate 2454 was established to boost high-quality capacity for the African market.
It aims to write gross premiums of around £70 mn ($92.2 mn) for 2024. Boreham added that the agreement offers African brokers access to Lloyd’s A+ rated paper, supporting ASR’s goal of becoming the leading Lloyd’s market for Africa.
The syndicate is the first to write Africa-focused business at Lloyd’s and is managed by Apollo, ASR said at the time.
by Yana Keller
