Africa Specialty Risks, a prominent (re)insurance group targeting Africa and the Middle East, has rolled out Lloyd’s Syndicate 2454 to underwrite risks in South Africa and nearby markets, giving the region direct access to Lloyd’s capacity instead of relying solely on offshore channels.
ASR said the syndicate will support local brokers and cedents across bespoke specialty lines that usually require more customised structures than standard treaty business allows.
Mikir Shah, ASR’s CEO, called South Africa a long-standing priority market and said the new platform lets the company write business directly, staying physically closer to customers while still offering AA rated global capacity. It’s a move that signals confidence in the region’s growth potential, even with the macro noise swirling around it.
In January 2025, ASR 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.
Amit Khilosia, ASR’s chief distribution officer, said the syndicate represents a unique distribution hub. ASR has been operating with South African brokers and cedents since inception, but the ability to underwrite on the ground shifts the dynamic.
Syndicate 2454 will be the first of its type to put Lloyd’s-aligned underwriting capability outside the UK, giving partners direct access to co-insurance and open market solutions through the Lloyd’s correspondent network.
British high commissioner Antony Phillipson framed the launch as another step in the financial ties between the UK and South Africa.
Bringing Lloyd’s capacity closer to local markets, he said, helps businesses manage risk and chase new opportunities, while strengthening South Africa’s reputation as an innovation-heavy insurance hub.
ASR plans to keep building its local bench in 2026.
- Xolisa Bangeni joins as captives manager, tasked with developing and structuring captive programmes for large corporates. Her background includes risk finance consulting at Marsh and investment oversight at Hollard.
- Xolile Kahla recently came onboard as a construction underwriter. He brings engineering and construction experience from roles at Munich Re and Zurich across southern Africa.
They join Corinne Beadsmoore, who leads business development for ASR Southern Africa, rounding out a growing regional team that will help the new syndicate scale faster than a remote model ever could.
