Pan-African focused insurer and reinsurer, Africa Specialty Risks (ASR), has now received ‘in-principle’ approval to launch a Lloyd’s syndicate in 2024, which aims to begin underwriting in March 2024 with a focus on underwriting business across Africa.
The ‘in-principle’ approval from the Lloyd’s Council remains subject to additional financial and operational work that must be undertaken by all new entrants to the specialist Lloyd’s insurance and reinsurance marketplace.
Once final approval and permission to underwrite has been granted, ASR Syndicate 2454 will focus on underwriting the re/insurer’s existing lines of business, including Political Risk & Trade Credit, Political Violence and Terrorism, Parametric, Energy, Property, Construction, Liability and Treaty. ASR says that there are plans to enter new lines of business next year.
Currently, risks in Africa represents roughly 2% of Lloyd’s business globally, and ASR hopes to bring locally sourced business through its distribution network to complement existing London market business.
ASR will also make use of the Lloyd’s brand and licenses to try to close the corporate and specialty capacity gap for clients across Africa.
“We are thrilled to be launching a syndicate at Lloyd’s,” said Mikir Shah, Chief Executive Officer (CEO) of ASR.
“In three years, we have already become one of the established (re)insurers across Africa, and we are looking forward to bringing some of this business to Lloyd’s. Utilising the globally recognised Lloyd’s name will enable us to improve insurance penetration across Africa, which in part will be possible by expanding ASR’s on the ground footprint in Africa to territories where Lloyd’s has existing licenses.
“We look forward to working with Apollo and Lloyd’s as we bring this new, African focused capacity to the London market,” he added.
ASR is working with managing agent Apollo Syndicate Management on its Lloyd’s syndicate.
Apollo’s Director of Strategic Partner Syndicates, Andrew Gray, commented: “We are incredibly excited to be partnering with ASR to support the delivery of their strategic ambitions at Lloyd’s, which are fully aligned with our purpose of “enabling a resilient and sustainable world.
“Apollo’s track record of building successful and innovative businesses at Lloyd’s makes us the perfect long-term partner for organisations like ASR who are looking to leverage the strengths of the Lloyd’s market.”
ASR commenced underwriting in 2021, and since its inception has been involved in de-risking $16.9 billion of projects and assets across Africa.
