Africa Specialty Risks (ASR) has agreed to Binding Authority Agreements with Slovenian reinsurance group Sava Re, which will provide capacity of up to $10 million in line size per agreement across all core ASR classes.
For those unfamiliar, Sava Re is the operating holding company of the Sava Insurance Group and maintains “A”-level long-term financial strength ratings, with a positive outlook by S&P Global Ratings and a stable outlook by AM Best.
ASR stated that the Binding Agreements will grant Sava Re greater access to risks from Africa, the Middle East, and developing markets, supporting ASR’s mission to drive sustainable economic development by addressing unmet insurance needs.
Mikir Shah, Chief Executive Officer, ASR, commented, “Sava Re is one of the strongest reinsurers in CEE with excellent risk and capital management, demonstrated by their financial strength ratings. Entering into this partnership gives us further access to leading capacity which we can deploy to developing markets.
“Throughout Africa, the Middle East and growth economies, there’s a huge demand for specialty insurance solutions, and ASR will continue to be at the forefront of meeting this demand.”
“Marko Jazbec, Chairman of the Management Board Sava Re, said, “This agreement with ASR will enable us to increase our footprint in Africa, the Middle East and developing markets.
“ASR has a strong distribution network across these regions, and we can add geographic diversification to our portfolio, while knowing that we’re partnering with a diligent and leading underwriting-focused firm.”
