Africa Specialty Risks begins operations as a Lloyd’s Service Company

Africa Specialty Risks (ASR), the reinsurance group focused on Africa and the Middle East, has announced that it has commenced operations as a Lloyd’s services company.

As a Lloyd’s service company, ASR’s UK-based entity, Africa Specialty Risks Ltd. (ASR Ltd.), underwrites on behalf of ASR Syndicate 2454

This development enhances ASR’s distribution network, giving brokers in Africa and the Middle East better and more efficient access to the Lloyd’s market through its services company.

ASR Ltd. is now able to book up to $10 million per risk across its political violence and terrorism, energy, construction, property and liability lines of business, with additional lines to be added subject to necessary approvals.

This development enables ASR to leverage Lloyd’s global brand and licenses to bridge the capacity gap in Africa. It also complements ASR’s existing partnerships with other international and local African reinsurers, assisting ASR’s partners in effectively retaining risk while enhancing Lloyd’s existing footprint on and across the continent.

Martin Boreham is active underwriter of Syndicate 2454 and director of underwriting at ASR. ASR Syndicate 2454 has been established to increase the high quality capacity of the African market, with an initial target of gross premium of around £70m by 2024.

“This is another milestone in helping us achieve our goal of bridging the insurance gap in Africa, giving us access to local African brokers and enabling us to better distribute our Lloyd’s capacity across the continent, while maintaining time the highest standards of service and reliability”, he commented. Mikir Shah, CEO of ASR, in a statement.

This development will allow ASR Syndicate 2454 to leverage the market presence of Africa Specialty Risks and its distribution network, according to Boreham. “This agreement gives African brokers access to Lloyd’s A+ newspaper and is a step towards our ambition to be the reference Lloyd’s market for the continent.”

“This development will significantly improve market access, providing a more efficient route for our clients and further galvanize our London market as a gateway for African risk,” said Amit Khilosia, Regional Head of Africa, Lloyd’s.

Backed by private equity firm Helios Investment Partners, ASR has operations in London, Mauritius, Bermuda, Morocco. Since its launch in 2020, ASR has participated in the de-risking of $28 billion of projects and assets in 66 countries. In 2024, ASR launched Syndicate 2454, which is the first Africa-focused syndicated writing business at Lloyd’s.

ASR insures political risk, trade credit, political violence and terrorism, property, energy, construction, liability, parameters and treaties. ASR also provides an end-to-end captive solution for corporate and financial institutions.

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Lloyd’s Surplus