London, 11 December 2024 – Africa Specialty Risks (“ASR”), the pan-African and Middle East focused reinsurance group, announces that its has 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 $10 million 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.”
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Media Enquiries
Africa Specialty Risks
Mikir Shah, CEO
Via Tavistock
Tavistock Communications Ltd
Katie Hopkins
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, it is 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.