Africa Specialty Risks (ASR), the pan-African and Middle East-focused (re)insurance group, has launched Africa Specialty Risks Mauritius as a Lloyd’s service company.
The company operates to underwrite business for Syndicate 2454, the first African-focused syndicate at Lloyd’s.
This move addresses the growing need for insurance capacity across Africa, a market that currently represents just 2% of Lloyd’s business.
The establishment of the Lloyd’s service company in Mauritius further solidifies the island nation’s reputation as a burgeoning reinsurance hub for the continent.
ASR, founded to provide specialist (re)insurance solutions across Africa, combines local expertise with international standards.
With its Mauritius hub, which opened in 2021 and employs 40 professionals, ASR has demonstrated its commitment to deploying tailored insurance capacity across the continent.
The new Lloyd’s service company enables ASR to write business directly on Lloyd’s paper from Mauritius. ]This local approach enhances ASR’s ability to serve African clients while reinforcing its partnership with Lloyd’s.
By leveraging its specialist knowledge, ASR aims to narrow the insurance gap and support sustainable development across Africa.
Syndicate 2454, which began writing business in April 2024, is expected to generate £125m in gross premium in 2025. It focuses on underwriting ASR’s existing lines of business, providing robust solutions tailored to African markets.
ASR Re, ASR’s fully capitalised and licensed reinsurer in Mauritius, plays a vital role in delivering Africa-based capacity to the continent. This development aligns with ASR’s broader goal of supporting the Mauritius International Financial Centre’s (MIFC) ambition to establish itself as a leading (re)insurance hub for Africa.
Krishna Bheenick, managing director of ASR Mauritius, said, “It is incredibly exciting for us that Syndicate 2454, with its focus on Africa, is now able to offer Lloyd’s solutions and robust security through our Lloyd’s service company in Mauritius. We have built an exceptionally strong team of underwriters, and this milestone enables us to better serve all of our clients, increasing the specialist capacity that is available in Africa.”
Amit Khilosia, chief distribution officer at ASR, added, “This is a significant milestone for ASR, allowing us to service the industry in both Mauritius and Africa. ASR has actively supported the Mauritius International Financial Centre (MIFC) in its ambition to become a (re)insurance hub for the continent, and our growing relationship with Lloyd’s enhances this objective.”
Shiamdass Appannah, Lloyd’s general representative in Mauritius, said, “Lloyd’s is delighted to welcome ASR as the first African-focused Lloyd’s service company in Mauritius, enhancing our ability to provide critical insurance capacity across Africa. ASR continues to play a pivotal role in addressing the continent’s unique risks, fostering sustainable development, and enabling businesses and communities to thrive in a dynamic global economy.”
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