By Favour Nnabugwu
Africa Specialty Risks (ASR), the pan-African, focused reinsurance group, has announced that its energy division’s capacity has increased to $38m, provided through an ongoing relationship with India’s GIC Re and Hong Kong-headquartered Peak Re.
This follows 12 months of profitable underwriting results for ASR’s energy portfolio which provides coverage for the entire African continent including upstream, downstream, power, utilities, and renewables, the company says in a statement. So far, ASR has provided insurance cover in over 20 African countries.
This comprehensive coverage is designed to help ensure a just energy transition in Africa with ASR noting the importance of considering each application for insurance against the backdrop of achieving a fair and just energy transition for all.
ASR in its media release does not reveal the additional amount of energy capacity except for saying that the increase is “significant”.
Ms Suzan Pardesi, head of Energy underwriting at ASR, said, “We are delighted with the significant increase in our overall capacity and are committed to providing insurance cover to support our clients and partners across the continent in the wake of the current energy crisis.
“Africa is endowed with abundant renewable energy sources, upon which it can sustainably base its ambitious socio-economic development and ASR will support energy offerings which will provide profound welfare and environmental benefits to people across the continent. Energy price, demand, and security is at the top of the global agenda, and it is important that individual insurers map a course that will realistically meet energy demand in Africa.”
ASR is backed by Helios Investment Partners’ Fund IV and benefits from its extensive reach across Africa, as well as its knowledge and experience in its key markets. ASR is an Appointed Representative of Crispin Speers & Partners. It operates as a managing general agent sourcing world-leading capacity for African insurance and reinsurance risk.