ASR currently operates as a Lloyd’s services company that underwrites risks in Africa. Insurance Business American Reinsurance ASR operates as a Lloyd’s service company that underwrites risks in Africa.
Development expands Lloyd’s access to Africa and the Middle East
reinsurance
Written by Kenneth Arauro
Africa Specialty Risks (ASR) has announced that its UK-based legal entity, Africa Specialty Risks Ltd (ASR Ltd), will operate as a Lloyd’s service company.
The development will enable ASR Ltd to undertake underwriting activities on behalf of ASR Syndicate 2454, strengthening 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 currently authorized to underwrite up to $10 million per risk across multiple lines of business, including political violence and terrorism, energy, construction, real estate and liability. Additional lines of business may be added, subject to regulatory approval.
This move is consistent with ASR’s core goal of expanding domestic manufacturing capacity in developing markets. ASR said it aims to bridge the production capacity gap in Africa by leveraging Lloyd’s global brands and licenses.
We will continue to work with international and local African reinsurers to retain risk and support the further expansion of Lloyd’s footprint across the continent.
Martin Boreham, Head of Underwriting at Syndicate 2454 and Head of Underwriting at ASR, said Syndicate 2454 was set up to provide high quality capacity to the African market, with a total premium of around £70m in 2024. He stated that he had set an initial goal of
“This is another milestone towards achieving our goal of closing the insurance gap in Africa,” said Mikhil Shah, CEO of ASR. It will give us better access and enable us to more effectively distribute Lloyd’s capacity while delivering the highest standards of service.”
“The London underwriting team will be able to take full advantage of ASR’s market presence and distribution network. This agreement will give brokers in Africa access to Lloyd’s A+ rated papers and “This brings us closer to our goal of becoming the go-to Lloyd’s marketplace,” Mr Boreham said.
Amit Kirossia, Lloyd’s Regional Director for Africa, highlighted the importance of this development for both ASR and Lloyd’s.
“This development will significantly improve market access, provide a more efficient route to customers, and further boost London’s market as the go-to location for African risks,” Mr. Kirossia said. .
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