Africa Specialty Risks (ASR) has entered into binding authority agreements with Eureka Re through its subsidiaries, Africa Specialty Risks Mauritius and ASR Middle East Limited.
Eureka Re, a multinational reinsurer rated A- for financial strength by Fitch and AM Best, will provide capacity for these agreements.
Under the terms of the agreements, Eureka Re will offer up to US$10 million in line size for a range of insurance classes. These include political violence and terrorism, political risk and trade credit, energy, construction, property, parametric, liability, aviation, marine, and treaty. The agreements became effective on Dec. 1.
Eureka Re serves as the reinsurer for the Rainmaker Group, which was established in 2009. The company provides capacity to Rainmaker’s managing general agent (MGA), XS Global, as well as additional platforms to deploy capacity and capital globally.
Mikir Shah (pictured above), CEO of Africa Specialty Risks, commented on the partnership, highlighting Eureka Re’s role in complementing ASR’s underwriting capabilities.
“Eureka Re is a best-in-class reinsurer and their A rated paper is complementary to our market leading underwriting talent. This agreement with Eureka Re allows us to offer our clients increased capacity. We look forward to growing our mutually beneficial partnership with the Eureka team,” Shah said.
Gabriel Holschneider, CEO of Rainmaker Group, also emphasized the benefits of the collaboration. He noted that ASR’s client and broker network in the Middle East and Africa would enhance Eureka Re’s underwriting portfolio.
“We are delighted to enter into this binder agreement with ASR. Their network of clients and brokers across the Middle East and Africa, along with their excellent underwriting capabilities, means we can broaden our underwriting portfolio by leveraging ASR’s deep distribution networks in these regions. We look forward to exploring many synergies across our broader organization with ASR,” Holschneider said.
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