ASR Agrees Deal With Eureka Re

The latest update from ASR for you;

Africa Specialty Risks (“ASR”), the African and Middle East focused (re)insurance group, announces that its Middle Eastern and Mauritian subsidiaries, Africa Specialty Risks Mauritius and ASR Middle East Limited, have agreed Binding Authority Agreements with Eureka Re, the multinational reinsurer.  Eureka Re is rated A- by Fitch and AM Best for financial strength.

Eureka Re will provide capacity for the Binding Authority, with each Agreement providing up to $10mn in line size across a range of classes including Political Violence and Terrorism, Political Risk and Trade Credit, Energy, Construction, Property, Parametric, Liability, Aviation, Marine and Treaty.

Eureka Re is the reinsurer of Rainmaker Group, founded in 2009 and provides capacity to the group’s MGA, XS Global, and additional platforms to deploy capacity and capital globally. The Agreements came into effect on 1 December 2024.

Mikir Shah, CEO of Africa Specialty Risks, said: “Eureka Re is a best-in-class reinsurer and their A rated paper is complementary to our market leading underwriting talent. This agreement with Eureka Re allows us to offer our clients increased capacity. We look forward to growing our mutually beneficial partnership with the Eureka team.”

Gabriel Holschneider, CEO Rainmaker Group, said: “We are delighted to enter into this binder agreement with ASR. Their network of clients and brokers across the Middle East and Africa, along with their excellent underwriting capabilities, means we can broaden our underwriting portfolio by leveraging ASR’s deep distribution networks in these regions. We look forward to exploring many synergies across our broader organization with ASR.”