African and Middle Eastern re/insurance group Africa Specialty Risks (ASR) has announced that ASR Middle East has begun operating as a Lloyd’s service company.
This development enables the firm to underwrite business in Dubai on behalf of ASR Syndicate 2454, the first Lloyd’s syndicate focused on African risks.
ASR Middle East aims to serve Middle Eastern and African markets, leveraging local expertise and facilitating business growth in the region. Senior executive officer Zouheb Azam stated that utilizing the syndicate’s capacity.
“Utilizing ASR Syndicate 2454’s capacity from Dubai is a significant step for ASR to service the insurance industry in both the Middle East and Africa from the DIFC,” Azam said.
ASR Syndicate 2454, which commenced operations at Lloyd’s in April 2024, plans to write approximately £70 million in gross premiums this year, focusing on ASR’s established lines of business.
Despite African business currently comprising only 2% of Lloyd’s portfolio, the syndicate seeks to expand the market’s scope and address underserved risks.
ASR opened its DIFC office earlier in 2024, further embedding its presence in the Middle East, Africa, and South Asia (MEASA) regions. This addition builds on ASR’s offices in London, Mauritius, Bermuda, and Morocco.
The group has been underwriting business in the UAE since February 2022 and sees the Dubai hub as pivotal for its growth strategy in the Middle East and Africa.
Chief distribution officer Amit Khilosia (pictured above) said the ability to write business directly on Lloyd’s paper from Dubai represents a critical milestone, broadening ASR’s reach and enhancing product access for regional clients.
Andrew Woodward, Lloyd’s regional head for the Middle East and Turkey, welcomed ASR to the DIFC, noting that its expertise and connection to the African market will strengthen Lloyd’s regional capabilities.
“Their expertise and unique access to the African market will add strength to our regional offering by enhancing risk mitigation solutions available for local and global businesses,” Woodward said.
ASR CEO Mikir Shah highlighted the significance of Syndicate 2454’s ability to offer Lloyd’s-backed solutions in the region.
“We have built up an exceptionally strong team of underwriters in London and Dubai, and this milestone enables us to better serve all of our clients, increasing the amount of specialist capacity that is available in the region,” Shah said.
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