ASR Ltd will underwrite on behalf of ASR Syndicate 2454, marking a key step in expanding its distribution network and improving access to the Lloyd’s market for brokers in Africa and the Middle East.
Through this development, ASR Ltd can now underwrite up to USD $10 million per risk across various lines, including Political Violence and Terrorism, Energy, Construction, Property, and Liability. Additional lines of business are expected to follow, pending necessary approvals.
This initiative aligns with ASR’s strategic goal of boosting domestic capacity in developing markets. By leveraging Lloyd’s global brand and licenses, ASR aims to help close the capacity gap in Africa while strengthening its partnerships with both international and local African reinsurers. This move is expected to support ASR’s partners in retaining risk more effectively and enhancing Lloyd’s existing presence across the continent.
Martin Boreham, the Active Underwriter of Syndicate 2454 and Director of Underwriting at ASR, noted that the syndicate was created to provide additional high-quality capacity for the African market. ASR Syndicate 2454 is expected to generate approximately £70 million in gross premiums in 2024.
Mikir Shah, CEO of ASR, commented, “This is another milestone in achieving our objective of closing the insurance gap in Africa. We’re providing African brokers better access to Lloyd’s capacity, while continuing to deliver top-tier service and reliability.”
Martin Boreham added, “Our London-based underwriting team is well-positioned to leverage the market presence of Africa Specialty Risks. This agreement opens access to Lloyd’s A+ rated paper for African brokers and strengthens our ambition to be the leading Lloyd’s market for the continent.”
This new agreement is set to enhance the insurance landscape across Africa, providing greater capacity and access to much-needed risk coverage.
Amit Khilosia, Regional Head of Africa at Lloyd’s, highlighted the importance of this milestone for both ASR and Lloyd’s. “This development will significantly enhance market access, offering a more efficient route to clients and reinforcing London’s position as the hub for African risks.”
