ASR Ltd. to underwrite for ASR Syndicate 2454 as a Lloyd’s service company

Africa Specialty Risks Ltd (ASR Ltd), an Africa Specialty Risks entity based in the UK, is to operate as a Lloyd’s service company, underwriting on behalf of ASR Syndicate 2454.

According to the re/insurance group, this move will enhance ASR’s distribution network, with brokers in Africa and the Middle East gaining improved and streamlined access to the Lloyd’s market via its service company.

ASR Ltd is now able to write up to USD $10 million per risk across its Political Violence and Terrorism, Energy, Construction, Property, and Liability lines of business, with additional lines to be added, subject to necessary approvals, the group noted.

This development allows ASR to leverage Lloyd’s global brand and licences to help address the capacity gap in Africa, aligning with the group’s core values and strategic goal of boosting developing markets’ domestic capacity.

Moreover, this partnership complements ASR’s existing partnership with other international and local African reinsurers. It assists ASR’s partners in effectively retaining risk while strengthening Lloyd’s presence across the continent.

Mikir Shah, CEO of ASR, commented: “This is another milestone in helping us achieve our objective of closing the insurance gap in Africa, providing access to local African brokers and enabling us to better distribute our Lloyd’s capacity on the continent, while maintaining the highest standards of service and reliability.”

Martin Boreham is the Active Underwriter of Syndicate 2454 and a Director of Underwriting at ASR.

ASR Syndicate 2454 was set up to increase high quality capacity for the African market, with the initial aim to write gross premium of approximately £70 million for 2024.

Boreham stated: “We have an exceptional team of underwriters in London and this development will allow ASR Syndicate 2454 to leverage the market presence of Africa Specialty Risks and its distribution network.

“This agreement provides African brokers access to the A+ paper of Lloyd’s and is a step towards our ambition of being the go-to Lloyd’s market for the continent.”

Amit Khilosia, Regional Head of Africa, Lloyd’s, said: “This announcement represents another incredibly important milestone for Africa Specialty Risks and the Lloyd’s ecosystem.

“This development will significantly improve market access, providing a more efficient route to our clients, and further galvanising our market in London as the go-to place for African risks.”

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