The latest from ASR as they get Lloyd’s approval;
Africa Specialty Risks (“ASR”), the developing markets focused (re)insurance group, announces that ASR North Africa has received approval to operate as a service company from Lloyd’s, allowing it to underwrite in the country on behalf of Syndicate 2454.
The approval gives brokers in Morocco, the second largest insurance market in Africa, and North-West Africa direct access to Lloyd’s capacity. Morocco acts a regional hub for this sub-region for specialty insurance risks.
The Francophone market of West-Africa and the Maghreb has seen significant economic growth, with West Africa projecting an economic growth rate of 7% in 2023 while the Maghreb region is forecast to grow at 4.4% in 2024, according to the African Development Bank. Despite significant economic development, the region still faces a lack of specialty insurance solutions and capacity.
ASR opened its office in Casablanca in November 2022, being granted Casablanca Finance City (CFC) status by the Minister of Economy and Finance. Since then, the company has been growing its footprint in the African Francophone market, recently announcing a captives initiative with the West African Development Bank (BOAD). (The bank raised over $500mn in 3.4 times oversubscribed fundraise, with the money being used to fund growth throughout the West African market.)
In January this year, ASR launched its Baobab consortium at Lloyd’s, which offers partner syndicates access to developing markets and on-the-ground technical expertise.
Mikir Shah, Chief Executive Officer, ASR commented: “Lloyd’s service company approval is an important moment for ASR’s operations in Morocco which will serve North-West Africa. The region is seeing significant economic development but lacks both capacity and expertise in specialty (re)insurance. ASR is now one of the significant insurance players in the African market, and we look forward to leveraging our Baobab consortium to bring meaningful capacity to this important region.”
Amit Khilosia, Chief Distribution Officer, ASR commented: “Our Lloyd’s service company in the CFC acts as an important distribution hub for both the Morocco and North-West Africa markets. The presence on the ground enables ASR to match the need for specialty (re)insurance solutions with global capacity and underwriting excellence. I look forward to growing our Casablanca presence as we continue to service both local and regional markets.”
Shankar Garigiparthy, Regional Manager of AIME at Lloyd’s, commented: “We’re very pleased to welcome Africa Specialty Risks as a Lloyd’s service company in Morocco. The CFC has a crucial role in the regional insurance market, and this additional capacity will provide businesses an opportunity to scale their customer offerings and contribute towards the region’s continued development.”
Lamia Merzouki, Chief Operating Officer, Casablanca Finance City Authority commented: “We are proud to see ASR establish itself as a Lloyd’s service company in Casablanca, marking a significant milestone for the CFC community and further reinforcing our position as a reinsurance hub for Africa. Having a presence on the ground will enable ASR to accelerate its growth and expand its reach across the continent.”
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