London, 23 September 2024 – Africa Specialty Risks (“ASR”), the pan-African and Middle East focused reinsurance group, is pleased to announce that Fitch Ratings has assigned a BBB+ long term Insurer Financial Strength (IFS) Rating with a positive outlook to ASR Re Limited (ASR Re).
Fitch’s rating reflects ASR Re’s very strong capitalisation and low leverage. The positive outlook reflects ASR Re’s improving franchise and business profile as it continues to grow business volumes and earnings.
ASR Re Ltd Bermuda continues to be a key part of the ASR Group and its growth strategy, as it looks to expand into new territories while maintaining its ambition of filling the insurance gap across Africa and the Middle East.
Mikir Shah, CEO of ASR, commented: “We are extremely pleased to add a rating from Fitch which is a tier one rating agency that is highly regarded globally and across the African continent. The addition of a BBB+ rating with a positive outlook from Fitch to our Moody’s Baa1 rating enhances the credibility of our conservative credit profile in the market. Fitch’s positive outlook on the rating also signals the trajectory of our rating towards A- rating in the near term.
“The rating is based on ASR Re’s very strong financial profile and performance. Achieving this milestone is a significant step for ASR, as it highlights our continued progress and commitment to excellence.”
Fitch is a leading global provider of credit ratings, research, and risk analysis with over 100 years of experience covering more than 20,000 entities around the world and more than 1,000 insurance companies worldwide. Fitch was the first international credit rating agency to operate in Africa and provides ratings coverage to more than 150 African companies.
Cap Structure acts as ratings advisor to ASR.
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Media Enquiries
Africa Specialty Risks
Mikir Shah, CEO
Ciaran O’Donnell, CFO
Via Tavistock
Tavistock Communications Ltd
Tim Pearson
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.