Africa Specialty Risks (ASR), a prominent (re)insurance group specialising in African and Middle Eastern markets, has announced that ASR Middle East is now operating as a Lloyd’s service company in Dubai.
This strategic expansion enables the company to underwrite business in the region on behalf of ASR Syndicate 2454, the first Lloyd’s syndicate dedicated to African-focused underwriting, according to InsurTech Insights.
The move to establish operations in Dubai International Financial Centre (DIFC) allows ASR Middle East to serve both African and Middle Eastern markets, delivering tailored risk solutions.
Senior Executive Officer Zouheb Azam highlighted the significance of this milestone, noting it as a crucial step to servicing the insurance industry more effectively, “Utilising ASR Syndicate 2454’s capacity from Dubai is a significant step for ASR to service the insurance industry in both the Middle East and Africa from the DIFC.”
ASR Syndicate 2454, launched in April 2024, is projected to write £70m in gross premiums this year.
It focuses on ASR’s core lines of business and represents a significant development for Lloyd’s, where African business currently accounts for just 2% of its overall portfolio.
This expansion reinforces ASR’s footprint, which already includes offices in London, Mauritius, Bermuda, and Morocco.
Having been active in the UAE market since February 2022, ASR has solidified its reputation as a key player across the Middle East, Africa, and South Asia (MEASA) region.
Chief Distribution Officer Amit Khilosia remarked on the local impact, “This announcement represents yet another incredibly important milestone for us. With a local approach to underwriting in Dubai, we can significantly broaden our reach by providing direct, efficient access to our products and capacities.”
ASR Middle East will provide a broad spectrum of corporate and specialty insurance solutions, leveraging its Lloyd’s paper to deploy specialised capacities that address regional demands. The initiative aligns with ASR’s mission to close the insurance gap in underserved markets.
ASR CEO Mikir Shah expressed enthusiasm for the development, stating, “It is incredibly exciting that ASR Syndicate 2454 can now offer Lloyd’s solutions and robust security through our Dubai service company.
Our strong underwriting teams in London and Dubai position us to better serve our clients and expand the availability of specialist capacity in the region.”
Andrew Woodward, Lloyd’s Regional Head for the Middle East and Turkey, welcomed the addition, “Lloyd’s Dubai is delighted to welcome Africa Specialty Risks to the DIFC. Their expertise and unique access to the African market will enhance our regional offering and strengthen risk mitigation solutions for local and global businesses.”
This milestone underscores ASR’s commitment to bridging African and Middle Eastern markets with Lloyd’s expertise, enhancing the availability of specialized insurance solutions in these dynamic regions.
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