London, 16 January 2025 – Africa Specialty Risks (“ASR”), the pan-African and Middle East focused (re)insurance group, announces that Africa Specialty Risks Mauritius is operating as a Lloyd’s service company, allowing it to underwrite business in Mauritius for Syndicate 2454, the recently launched first African focused syndicate at Lloyd’s.
This is the first African focused Lloyd’s service company operating from Mauritius.
Syndicate 2454 began writing business at Lloyd’s in April 2024, and is forecast to write £125 million of gross premium in 2025, focusing on underwriting ASR’s existing lines of business. It is the first syndicate to be focused on writing African business, which currently only represents 2% of all Lloyd’s business.
Mauritius is the first location in Africa where ASR is operating as a Lloyd’s service company, underwriting on behalf of its Lloyd’s Syndicate 2454, further enhancing Mauritius’ reputation as a growing reinsurance hub for Africa.
By leveraging ASR’s specialist (re)insurance knowledge at its Mauritius hub, which has grown to 40 employees since its opening in 2021, the company’s ability to write on Lloyd’s paper in Mauritius further enhances its capability to deploy specialist capacity across the continent and reduce the insurance gap. This local approach to underwriting enhances the African footprint of both ASR and Lloyd’s, enabling both entities to better serve African clients directly from Africa.
Krishna Bheenick, Managing Director, ASR Mauritius commented: “It is incredibly exciting for us that Syndicate 2454, with its focus on Africa, is now able to offer Lloyd’s solutions and robust security through our Lloyd’s service company in Mauritius. We have built an exceptionally strong team of underwriters, and this milestone enables us to better serve all of our clients, increasing the specialist capacity that is available in Africa.”
Amit Khilosia, Chief Distribution Officer, ASR commented: “This is a significant milestone for ASR, allowing us to service the industry in both Mauritius and Africa. ASR has actively supported the Mauritius International Financial Centre (MIFC) in its ambition to become a (re)insurance hub for the continent, and our growing relationship with Lloyd’s enhances this objective.”
Shiamdass Appannah, Lloyd’s General Representative, Mauritius, commented: “Lloyd’s is delighted to welcome ASR as the first African-focused Lloyd’s service company in Mauritius, enhancing our ability to provide critical insurance capacity across Africa. ASR continues to play a pivotal role in addressing the continent’s unique risks, fostering sustainable development, and enabling businesses and communities to thrive in a dynamic global economy.”
ASR Re is a fully capitalised and licensed reinsurer in Mauritius, providing African domiciled capacity to the continent.
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Media Enquiries
Africa Specialty Risks
Mikir Shah, CEO
Krishna Bheenick, MD Mauritius
Perpetual Motion
Samantha Seewoosurrun
samantha@perpetualmotionltd.com
+230 5772 4400
Tavistock Communications Ltd
Katie Hopkins, Kuba Stawiski
asr@tavistock.co.uk
About ASR
Africa Specialty Risks (ASR) provides comprehensive risk mitigating solutions through high quality underwriting to local and global customers across Africa and the Middle East, with operations in London, Mauritius, Bermuda, Morocco. Since its launch, ASR participated in the de-risking of $28 bn of projects and assets across 66 countries.
In addition to our Bermuda and Mauritius reinsurers, ASR’s unique co-reinsurance model involves collaborating with local and international (re)insurance companies. In 2024 ASR launched Syndicate 2454, the first African focused syndicate writing business at Lloyd’s.
Across the group, ASR underwrites across Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, Liability, Parametric and Treaty. ASR also offers an end-to-end captive solution to corporate and financial institutions.
ASR is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets.