Africa Specialty Risks says it has renewed Baobab, the first Lloyd’s Consortium dedicated solely to Africa, raising available capacity to as much as $26 mn per risk. The move expands underwriting headroom just a year after launch.
Baobab went live on Jan. 1, 2025, led by ASR Syndicate 2454. The syndicate leans on local market knowledge and long-standing distribution networks across Africa and the Middle East, creating a direct route into regional risks that global carriers often struggle to price with confidence.
The consortium model targets Lloyd’s syndicates looking for exposure to African and developing markets without building full in-house platforms. It also improves access to specialty insurance for African and Middle Eastern risks inside the Lloyd’s market, where capacity has historically come and gone.
ASR’s footprint across both regions lets it deploy capital efficiently, which matters in markets where demand still outpaces supply.
Martin Boreham, active underwriter at ASR, said the consortium expands coverage availability while giving partner syndicates access to Africa-focused underwriting expertise.
He added that lifting capacity to $26 mn per risk helps narrow the insurance protection gap that continues to hang over much of the continent. Big words, yes, but the numbers back some of it up.
The Baobab Consortium increases the availability of coverage for African and Middle East risks while allowing partner syndicates to access our specialist Africa focused underwriting knowledge
Martin Boreham, Active Underwriter
“I’m pleased to announce we’ve increased the capacity available to $26 mn per risk which allows us to address the insurance protection gap which continues to exist across the African continent,” Martin Boreham said.
During 2025, Baobab offered up to $21 mn of capacity across lines including political risk, trade credit, political violence and terrorism, property, energy, construction, and liability.
The renewal pushes those limits higher. According to Beinsure, the increase signals confidence in both loss experience and partner appetite, even as global specialty markets stay selective.
