Re/insurance group Africa Specialty Risks (ASR) has announced the launch of ASR Syndicate 2454 at Lloyd's.
This marks a significant milestone as it becomes the first African-focused syndicate at Lloyd’s, managed by Apollo. Having received “in-principle” approval in December, the syndicate commenced underwriting on April 26, 2024 with a planned gross premium of approximately £70 million for the year.
ASR Syndicate 2454 will underwrite the group's existing lines of business which encompass political risk & trade credit, political violence and terrorism, parametric, energy, property, construction, liability, and treaty. Additionally, there are plans to introduce new lines of business in 2024, pending the required approvals.
The syndicate aims to enhance Lloyd's capacity by building consortia following Syndicate 2454. ASR also plans to utilize the global brand and licenses of Lloyd's to address the substantial corporate and specialty capacity needs of clients across Africa.
Presently, only 2% of Lloyd’s business originates from Africa, a figure ASR Syndicate 2454 intends to increase significantly.
Since its inception in February 2021, ASR has been committed to bridging the insurance gap in Africa and supporting international investment within the continent. To date, the group has mitigated risks for projects and assets valued at over $20 billion across 49 African countries.
Additionally, ASR has expanded its operations to the Middle East and recently received an “in principle” approval from the Dubai Financial Services Authority to establish an office in the Emirate.
Mikir Shah, CEO of ASR, expressed his enthusiasm about the achievement for the African re/insurance group.
“We are delighted that Syndicate 2454 is now up and running at Lloyd’s,” Shah said. “Across ASR, we are building a business whose prime mission is to increase insurance penetration across Africa, and Syndicate 2454 is another positive step in helping us achieve our objective. Working with Apollo and Lloyd’s, we hope to be able to bring innovative risk mitigation solutions to the African insurance market and encourage high-quality international capital and investment to take advantage of the vast opportunities we see on the continent.”
Martin Boreham, active underwriter of Syndicate 2454 and director of underwriting at ASR, highlighted the syndicate's goals.
“This is an exciting development for ASR, an opportunity to provide further capacity to Africa through Lloyd’s, alongside our pre-existing binder relationships. Our ambition is to be the go-to Lloyd’s market for Africa, working with other Lloyd’s capacity providers to showcase the opportunities in Africa that we already see for (re)insurers on a daily basis,” Boreham said.
Andrew Gray, director of Apollo’s Strategic Partner Syndicates, also remarked on the syndicate’s establishment.
“Reaching this fantastic milestone is testament to Apollo and ASR’s hard work, expertise and collaboration. We are proud to be a chosen partner of ASR, who are bringing something new and innovative to the Lloyd’s market, and excited to see what the partnership can produce in the future,” Gray said.
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