Africa Specialty Risks (ASR) has announced that its UK-based entity, Africa Specialty Risks Ltd (ASR Ltd), is now operating as a Lloyd’s service company.
This development allows ASR Ltd to underwrite on behalf of ASR Syndicate 2454, enhancing the group’s distribution network and providing brokers in Africa and the Middle East with more direct access to the Lloyd’s market.
ASR Ltd is now authorized to underwrite up to $10 million per risk across several lines of business, including political violence and terrorism, energy, construction, property, and liability. Additional business lines may be added, subject to regulatory approvals.
This move aligns with ASR’s core objective of increasing domestic capacity in developing markets. By leveraging Lloyd’s global brand and licenses, ASR said that it aims to help close the capacity gap in Africa.
The company will continue to work in collaboration with both international and local African reinsurers, assisting them in retaining risk and further expanding Lloyd’s footprint across the continent.
Martin Boreham, the active underwriter of Syndicate 2454 and director of underwriting at ASR, stated that the syndicate was established to provide high-quality capacity to the African market, with an initial target of writing approximately £70 million in gross premiums for 2024.
“This is another milestone in helping us achieve our objective of closing the insurance gap in Africa," said Mikir Shah, CEO of ASR. "It allows us to provide better access for local African brokers and distribute Lloyd’s capacity more effectively, while maintaining the highest standards of service.”
“Our team of underwriters in London will now be able to fully utilize ASR’s market presence and distribution network. This agreement gives African brokers access to Lloyd’s A+ rated paper and brings us closer to our goal of becoming the go-to Lloyd’s market for Africa,” Boreham said.
Amit Khilosia, regional head of Africa at Lloyd’s, highlighted the importance of this development for both ASR and Lloyd’s.
“This development will significantly improve market access, providing a more efficient route to our clients, and further galvanizing our market in London as the go-to place for African risks,” Khilosia said.
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