Africa Specialty Risks (ASR), a prominent (re)insurance group targeting Africa and the Middle East, has launched Africa Specialty Risks Mauritius as a Lloyd’s service company. This move establishes Syndicate 2454, the first Lloyd’s syndicate dedicated to African business.
Syndicate 2454, operating from Mauritius, began underwriting at Lloyd’s in April 2024. It is projected to write £125 mn in gross premiums for 2025, focusing on ASR’s core lines of business.
Currently, Africa contributes just 2% to Lloyd’s global portfolio, making this syndicate a pivotal development for the region.
Mauritius is now ASR’s first African base as a Lloyd’s service company, reinforcing its position as a reinsurance hub for the continent. With expertise and a local presence, ASR is addressing Africa’s insurance gap while enhancing specialist capacity. Since its 2021 inception, the Mauritius hub has expanded to a 40-member team, highlighting its regional significance.
Krishna Bheenick, Managing Director of ASR Mauritius, called the launch a major milestone.
Syndicate 2454 enables us to offer Lloyd’s solutions with robust security from our Mauritius hub. Our strong underwriting team allows us to better serve clients and expand specialist capacity in Africa
Krishna Bheenick, Managing Director of ASR Mauritius
Amit Khilosia, Chief Distribution Officer, emphasized ASR’s support for the Mauritius International Financial Centre (MIFC) as it evolves into a reinsurance hub. He noted, “This strengthens our ability to serve the industry across Mauritius and Africa.”
Lloyd’s General Representative in Mauritius, Shiamdass Appannah, praised the collaboration. “ASR, as Lloyd’s first African-focused service company, enhances our capacity to tackle Africa’s unique risks, driving sustainable development and economic growth.”
ASR Re, a licensed reinsurer based in Mauritius, continues to provide African-domiciled capacity. This initiative aligns with ASR’s mission to bridge the insurance gap, empower businesses, and foster growth across the continent.
Africa Specialty Risks (ASR) is a reinsurance group dedicated to providing bespoke risk mitigation solutions across Africa and the Middle East.
Established in 2020, ASR offers a comprehensive range of products, including Political Risk, Trade Credit, Political Violence and Terrorism, Energy, Construction, Property, General Liability, and Financial Lines. The company aims to support local and global customers in expanding their businesses sustainably across the African continent.
In April 2024, ASR launched Syndicate 2454, the first African-focused Lloyd’s syndicate, operating from Mauritius. This syndicate is projected to underwrite £125 mn in gross premiums for 2025, concentrating on ASR’s established lines of business.
Mauritius serves as a strategic hub for ASR, reinforcing its role as a growing reinsurance center for the continent. Since its inception in 2021, ASR’s Mauritius hub has expanded to a team of 40 employees, enhancing its ability to provide specialist (re)insurance capacity and address Africa’s insurance gap.
ASR has also introduced Baobab, the first Lloyd’s Consortium focused exclusively on Africa. This consortium offers up to $21 mn in capacity across several areas, including Political Risk, Trade Credit, Political Violence, and Terrorism, further expanding insurance coverage across Africa and the Middle East.
Through its initiatives, ASR continues to play a pivotal role in addressing the continent’s unique risks, fostering sustainable development, and enabling businesses and communities to thrive in a dynamic global economy.
