Pan-African-focused reinsurance group Africa Specialty Risks (ASR) has been approved ‘in principle’ by the Dubai Financial Service Authority to register as a company, setting the stage for the incorporation of a new entity, ASR Middle East.
According to the firm, the ultimate goal is to establish its presence with an office in the Dubai International Financial Centre (DIFC).
ASR began underwriting in February 2021, with the specific aim of increasing insurance penetration into Africa and encouraging much-needed investment in the continent. In 2022, the firm started writing business in the Middle East, a move reportedly motivated by the strong linkages between the African and Middle Eastern markets.
ASR explained that Dubai is a commercial hub for both the Middle East and the world, and the opening of an office in the Emirate is a “natural progression” for it after beginning to write business in the region.
The firm added it is already actively providing support to Middle Eastern companies engaged in business activities across Africa.
Mikir Shah, CEO of ASR commented, “The opportunity to open an office in the DIFC is an important moment for ASR’s continuing growth trajectory. The expansion represents a sustained effort to leverage and contribute to the economic and risk management landscape in both Africa and the Middle East.
“Dubai’s status as a major economic and trade centre provides a key location for business activities in the Middle East and a gateway to diverse markets, including Africa.
“This allows ASR to meet the growing demand from our existing clients and establish new relationships in the region.”
