It’s a red letter day at Lloyd’s of London, as Africa Specialty makes its debut. Here’s the word;
Africa Specialty Risk, the pan-African focused (re)insurance group, announces the launch of the first ever Africa focused Lloyd’s of London syndicate. The syndicate is important for the Lloyd’s insurance market who currently only have 2% of their business originate from Africa, a much-underserved insurance market.
The launch of ASR Syndicate 2454 presents a unique opportunity for ASR and Lloyd’s, leveraging ASR’s extensive network and experience in Africa, bringing locally sourced, high quality, African business to the London market. The syndicate will look to build Lloyd’s consortia following Syndicate 2454 to deploy greater capacity.
ASR was launched in 2021 with the explicit aim of closing the insurance gap in Africa and facilitating international investment into and across the continent and has been involved in de-risking over $20bn of projects in Africa and the Middle East.
Mikir Shah, CEO of ASR commented: “Across ASR, we are building a business whose prime mission is to increase insurance penetration across Africa, and Syndicate 2454 is another positive step in helping us achieve our objective.
“Working with Apollo and Lloyd’s, we hope to be able to bring innovative risk mitigation solutions to the African insurance market and encourage high quality international capital and investment to take advantage of the vast opportunities we see on the continent.”
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