Africa Specialty Risks (ASR), a re/insurance group specialising in Africa and the Middle East, has announced the renewal of Baobab, the first Lloyd’s Consortium focused exclusively on Africa, with an increase in capacity of up to USD 26 million per risk.
The Baobab Consortium, launched on January 1, 2025, is led by ASR Syndicate 2454, which uses its deep local expertise and established distribution networks across Africa and the Middle East to provide access to regional risks.
Its partnership model is aimed for Syndicates seeking to tap into African and developing markets, and helps towards the availability of specialty coverage for African and Middle East risks within the Lloyd’s market.
With distribution hubs across Africa and the Middle East, ASR can deploy capital efficiently, addressing a significant unmet demand.
Martin Boreham, Active Underwriter, commented: “The Baobab Consortium increases the availability of coverage for African and Middle East risks while allowing partner syndicates to access our specialist Africa focused underwriting knowledge.”
“I’m pleased to announce we’ve increased the capacity available to $26 million per risk which allows us to address the insurance protection gap which continues to exist across the African continent.”
For 2025, the Consortium offered up to USD 21 million in capacity across several areas, including Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, and Liability.
