African and Middle East focused re/insurance group Africa Specialty Risks (ASR), has announced that its Middle Eastern and Mauritian subsidiaries, Africa Specialty Risks Mauritius and ASR Middle East Limited, have agreed Binding Authority Agreements with multinational reinsurer Eureka Re.
From what Reinsurance News understands, Eureka Re will provide capacity for the Binding Authority, with each Agreement providing up to $10 million in line size across a variety of classes.
These include: Political Violence and Terrorism, Political Risk and Trade Credit, Energy, Construction, Property, Parametric, Liability, Aviation, Marine and Treaty.
For those unaware, Eureka Re is the reinsurer of Rainmaker Group, founded in 2009 and provides capacity to the group’s managing general agent (MGA), XS Global, and additional platforms to deploy capacity and capital globally.
The Agreements reportedly came into effect on December 1, 2024.
“Eureka Re is a best-in-class reinsurer and their A rated paper is complementary to our market leading underwriting talent. This agreement with Eureka Re allows us to offer our clients increased capacity. We look forward to growing our mutually beneficial partnership with the Eureka team,” commented Mikir Shah, CEO of Africa Specialty Risks.
“We are delighted to enter into this binder agreement with ASR. Their network of clients and brokers across the Middle East and Africa, along with their excellent underwriting capabilities, means we can broaden our underwriting portfolio by leveraging ASR’s deep distribution networks in these regions. We look forward to exploring many synergies across our broader organization with ASR,” said Gabriel Holschneider, CEO Rainmaker Group.
