Africa Specialty Risks (ASR), a pan-African focused reinsurance group, has been approved as a coverholder at Lloyd’s, the specialist re/insurance market.
This means that ASR will be able to work with Lloyd’s syndicates and manage delegated authorities for specialist lines of business commencing with Political Violence and Terorrism and leverage the Lloyd’s brand and licences to bring much needed Lloyd’s capacity to Africa.
The reinsurer is now able to promote the Lloyd’s brand and solutions across Africa, having written business in 47 African countries across nine lines of business.
Amit Khilosia, Lloyd’s Head of Africa, said: “I’m extremely proud to welcome ASR to Lloyd’s as a coverholder. This demonstrates our shared commitment to Africa and very much look forward to working with ASR to deliver efficient access to Lloyd’s products and capacity.”
ASR strives to provide capacity to Africa from re/insurers with strong security and robust credit ratings. This is vital to unlocking investment, increasing insurance penetration and provide greater protection for businesses and investors operating in and across the continent, the reinsurer highlighted.
Brian McGregor, Director of Underwriting and Head of Property at ASR, commented: “Becoming a Lloyd’s approved coverholder is an important step in our mission to bring much needed insurance capacity to Africa. This is mutually beneficial, broadening Lloyd’s reach in Africa and allowing ASR to deepen its relationship with the world’s leading insurance market.”
Martin Boreham, Director of Underwriting and Head of Liability at ASR, added: “ASR is the only Africa focused re/insurance capacity provider with a comprehensive corporate and specialty risk mitigation offering. Lloyds Coverholder status enables ASR to enhance and complement Lloyd’s existing footprint in and across the African continent.”
Atrium, a Managing Agent at Lloyd’s, sponsored ASR to obtain its coverholder status.
Stuart Harmer, Terrorism and Political Violence Underwriter at Atrium said: “Atrium are extremely proud to be a leading supporter of Africa Specialty Risk writing Political Violence business and very much look forward to a successful partnership as ASR continues to demonstrate market leading knowledge and expertise.”
