Africa Specialty Risks Expands Reinsurance Reach in Africa with Lloyd’s Service Partnership

Africa Specialty Risks Expands Reinsurance Reach in Africa with Lloyd’s Service Partnership

In a significant development for the African insurance landscape, Africa Specialty Risks (ASR) has officially launched its Lloyd’s service company, Africa Specialty Risks Mauritius. This initiative aims to bolster insurance capacity across Africa, a region that currently accounts for only 2% of Lloyd’s total business.

Establishment of Africa Specialty Risks Mauritius

The newly established Africa Specialty Risks Mauritius will operate under Syndicate 2454, recognized as the first African-focused syndicate at Lloyd’s. This strategic move highlights Mauritius’s growing status as a key reinsurance hub on the continent.

Commitment to African Markets

ASR, founded to deliver specialized (re)insurance solutions throughout Africa, combines local insights with international standards. With its operational hub in Mauritius, which opened in 2021 and currently employs 40 professionals, ASR is dedicated to providing tailored insurance solutions to meet the unique needs of African clients.

  • Direct Access to Lloyd’s Paper: The new Lloyd’s service company enables ASR to write business directly on Lloyd’s paper from Mauritius.
  • Enhancing Service Delivery: This local approach significantly improves ASR’s ability to serve its African clientele while strengthening its partnership with Lloyd’s.
  • Sustainable Development Goals: By leveraging its specialized knowledge, ASR aims to close the insurance gap and support sustainable development throughout Africa.

Future Projections for Syndicate 2454

Syndicate 2454 commenced operations in April 2024 and is projected to generate £125 million in gross premiums by 2025. The syndicate will focus on underwriting ASR’s existing lines of business, offering robust solutions specifically tailored to African markets.

Role of ASR Re

ASR Re, ASR’s fully capitalized and licensed reinsurer in Mauritius, plays a crucial role in providing Africa-based capacity to the continent. This aligns with ASR’s broader goal of supporting the Mauritius International Financial Centre (MIFC) in its aim to become a premier (re)insurance hub for Africa.

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Statements from ASR Leadership

Krishna Bheenick, managing director of ASR Mauritius, expressed enthusiasm about the milestone, stating, “Syndicate 2454, focused on Africa, can now offer Lloyd’s solutions and robust security through our service company in Mauritius. We have established a strong team of underwriters, enabling us to better serve our clients and increase specialist capacity available in Africa.”

Amit Khilosia, chief distribution officer at ASR, emphasized the significance of this development, noting, “This is a pivotal moment for ASR, allowing us to enhance our services across Mauritius and Africa. Our ongoing support for the MIFC’s objectives is strengthened through our growing relationship with Lloyd’s.”

Welcoming ASR to Lloyd’s

Shiamdass Appannah, Lloyd’s general representative in Mauritius, remarked, “Lloyd’s is thrilled to welcome ASR as the first African-focused Lloyd’s service company in Mauritius, which enhances our capacity to provide essential insurance solutions throughout Africa. ASR is vital in addressing the continent’s unique challenges and fostering sustainable development.”

For more information about Africa Specialty Risks and its initiatives, visit their official site at Africa Specialty Risks.

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