ASR launches first Africa focused Lloyd’s consortium

Africa Specialty Risks (ASR), the Africa and Middle East focused re/insurance group has announced the launch of the first Africa Focused Lloyd’s consortium.

The consortium, known as Baobab, will offer up to $21m in capacity across political risk, trade credit, political violence & terrorism, property, energy, construction and liability.

Baobab launched on 1 January 2025 and will look to grow throughout the year by bringing in additional capacity partners, ASR said.

Led by ASR Syndicate 2454 and supported by leading Lloyd’s Syndicates, Baobab will provide access to risks originating in Africa and the Middle East.

Baobab provides a “unique partnership model” for syndicates looking to access Africa and developing markets, ASR said, which in turn provides additional insurance capacity for local economies.

ASR, which opened its Lloyd’s syndicate last year, has multiple distribution hubs in Africa and the Middle East, while as of 2023, risks originating in Africa account for only 2% of the Lloyd’s market.

“Africa and the Middle East offer deep pools of opportunity for insurers but require specialist local knowledge and tailored underwriting solutions,” said Mikir Shah, CEO of ASR.

“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.”