New reinsurer to write Africa-specific risks
Africa Specialty Risks, the pan-African focused reinsurance group, has launched a licensed reinsurance entity in Bermuda.
ASR Re Limited has been licensed as a Class 3A insurer by the Bermuda Monetary Authority.
The Group said it will offer a full suite of products from its Bermudian reinsurer, including political risk and trade credit, political violence and terrorism, property, energy, liability, construction and parametric.
Once rated, ASR said this capacity will be used to bolster the company’s current MGA capacity supporting investment and business into and throughout Africa.
It noted that Bermuda is a Solvency II equivalent global reinsurance hub.
Mikir Shah, chief executive officer at ASR, said: “Launching our reinsurer in Bermuda is another big step for Africa Specialty Risks as we continue to build a comprehensive offering of specialty reinsurance products and services for the African markets and beyond.
“The island is an important centre of finance and increases our footprint. The reinsurer will work closely with our group companies in London and Mauritius.”
ASR was launched by Helios Investment Partners LLP in partnership with Mr Shah, former CEO of AXA Africa Specialty Risks and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations.
ASR said it provides comprehensive risk transfer solutions through high quality underwriting to local and global customers across the African continent, giving them the confidence to grow their businesses sustainably.
The company said it works proactively with local regulators to develop skills and provide training to local underwriters. It added that environmental, social, and governance considerations are central to ASR’s values, particularly in relation to local capacity building.
ASR said it is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in the company’s key markets.
Africa Specialty Risks Ltd is an appointed representative of Crispin Speers & Partners Ltd. It said it operates as a managing general agent sourcing world leading capacity for African insurance and reinsurance risk.