Africa Specialty Risks (ASR) has entered into binding authority agreements with Sava Re, enabling the Slovenian reinsurance group to provide capacity across ASR’s core lines of business.
Each agreement includes a line size of up to US$10 million, effective for risks incepting from March 20.
Sava Re, part of the Sava Insurance Group, is one of the largest reinsurers based in southeastern Europe. The company serves over 450 partners across more than 100 reinsurance markets.
It holds “A”-level long-term financial strength ratings from S&P Global Ratings, with a positive outlook, and from AM Best, with a stable outlook.
The agreement gives Sava Re expanded access to risks originating in Africa, the Middle East, and other developing markets. ASR said the partnership aligns with its objective to support economic development in growth economies by providing capacity where insurance coverage remains limited.
Mikir Shah (pictured above), CEO of ASR, said that Sava Re has demonstrated strong risk and capital management and brings leading capacity to the partnership.
Since commencing underwriting in February 2021, ASR has aimed to close the insurance gap in these regions by offering a range of products, including political risk & trade credit, political violence and terrorism, parametric, energy, property, construction, liability, and treaty insurance.
In December, ASR also entered into Binding Authority Agreements with Eureka Re, an A- rated multinational reinsurer. Under these agreements, Eureka Re provides up to US$10 million in line size across various classes, including political violence and terrorism, political risk and trade credit, energy, construction, property, parametric, liability, aviation, marine, and treaty.
In the same month, ASR Middle East also began operating as a Lloyd's service company in Dubai, underwriting business on behalf of ASR Syndicate 2454.
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