African Specialty Risks introduces Baobab, the first Africa-focused Lloyd’s Consortium

Africa Specialty Risks (ASR), a re/insurance group specialising in Africa and the Middle East, has announced the launch of the first Lloyd’s Consortium focused exclusively on Africa.

Named Baobab, the Consortium will offer up to USD $21 million in capacity across several areas, including Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, and Liability.

Launched on January 1, 2025, Baobab aims to expand throughout the year by attracting additional capacity partners.

Syndicate 2454, led by ASR and supported by prominent Lloyd’s Syndicates, will use its deep local expertise and established distribution networks across Africa and the Middle East to provide access to regional risks.

Baobab introduces a distinctive partnership model for Syndicates seeking to tap into African and developing markets, helping to boost insurance capacity for local economies.

With distribution hubs across Africa and the Middle East, ASR can deploy capital efficiently, addressing a significant unmet demand. As of 2023, risks from Africa account for just 2% of the Lloyd’s market.

Mikir Shah, CEO of ASR, said: “Africa and the Middle East offer deep pools of opportunity for insurers but require specialist local knowledge and tailored underwriting solutions. ASR can offer a unique African-focused platform which increases access to local markets while providing developing economies with additional global insurance capacity.

“I would like to thank our Syndicate partners for supporting this Consortium. We look forward to growing the Baobab Consortium in the coming months as we work to bring further meaningful global capacity to the region and accelerate sustainable economic growth.”

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