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.
Africa Specialty Risks (ASR), the pan-African focused re/insurer, has received Lloyd’s Council in-principle approval to launch a Lloyd’s syndicate in 2024, in collaboration with Apollo Syndicate Management.
‘In-principle’ approval from Lloyd’s Council 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.
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 syndicate will focus on underwriting ASR’s existing lines of business, which include political risk and trade credit, political violence and terrorism, parametric, energy, property, construction, liability and treaty reinsurance.
There are plans to launch new lines of business in 2024, the company added.
Mikir Shah, CEO of ASR, commented: “We are thrilled to be launching a syndicate at Lloyd’s. 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.”
ASR began underwriting in February 2021, with the specific aim of increasing insurance penetration into Africa, encouraging much needed investment to the Continent. Since launching, it has been involved in de-risking $16.9 billion of projects and assets across Africa in 49 countries.
Shah said: “Utilising the globally recognised 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.
“We look forward to working with Apollo and Lloyd’s as we bring this new, African focused capacity to the London market,” he added.
Andrew Gray, Apollo’s director of strategic partner syndicates, said: “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”.
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