Africa Specialty Risks (ASR), a pan-African focused insurance and reinsurance group, has received “in-principle” approval to launch a Lloyd’s syndicate in 2024.
The syndicate will be launched in partnership with insurance group Apollo Syndicate Management, which provides third party managing agency services. ASR Syndicate 2454 aims to begin underwriting in March 2024, and will focus on underwriting business across Africa, which represents around 2% of Lloyd’s business globally.
The approval from Lloyd’s is subject to further financial and operational work undertaken by all new entrants to Lloyd’s market, which is required in order to obtain final approval and permission to underwrite.
The syndicate will focus on underwriting ASR’s existing lines of business, which include political risk & trade credit, political violence and terrorism, parametric, energy, property, construction, liability and treaty. The company has plans to launch new lines of business in 2024.
ASR is already seen as a lead quoting market for African business and will bring locally sourced business via its distribution network, which will complement existing London market business. ASR will also leverage the Lloyd’s global brand and licenses to close the large corporate and specialty capacity gap for clients across Africa.
ASR began underwriting in February 2021, with the specific aim of increasing insurance penetration into Africa, encouraging needed investment to the Continent. Since launching, ASR has been involved in derisking $16.9 billion of projects and assets across Africa in 49 countries.
“We are thrilled to be launching a syndicate at Lloyd’s,” commented Mikir Shah, CEO of ASR, in a statement.
“In three years, we have already become one of the established re/insurers across Africa, and we are looking forward to bringing some of this business to Lloyd’s. Utilizing the globally recognized Lloyd’s name will enable us to improve insurance penetration across Africa, which in part will be possible by expanding ASR’s on the ground footprint in Africa to territories where Lloyd’s has existing licenses,” Shah added.
“We are incredibly excited to be partnering with ASR to support the delivery of their strategic ambitions at Lloyd’s, which are fully aligned with our purpose of “enabling a resilient and sustainable world,” remarked Andrew Gray, Apollo’s director of Strategic Partner Syndicates, which offers third party managing agency services to its long-term strategic partner syndicates, alongside its existing managed Syndicates 1969 and 1971.
“Apollo’s track record of building successful and innovative businesses at Lloyd’s makes us the perfect long-term partner for organizations like ASR who are looking to leverage the strengths of the Lloyd’s market,” Gray continued.
About ASR and Apollo
Backed by Helios Investment Partners’ Fund IV, Africa Specialty Risks (ASR) benefits from Helios’ extensive reach across Africa, as well as its knowledge and experience in ASR’s key markets, the company said.
Apollo is an independent specialist re/insurer and service company that provides high quality products and services to clients, brokers, and capital partners at Lloyd’s. It offers insurance products across property, casualty, marine, energy & transportation, specialty, reinsurance and smart follow divisions through Syndicate 1969. Through Syndicate 1971 Apollo offers digital and embedded risk programs. Apollo’s Strategic Partner Syndicates business supports new Lloyd’s entrants from initial concept to full managing agency services.
Source: Africa Specialty Risks (ASR)