By Favour Nnabugwu
Pan-African-focused reinsurance group Africa Specialty Risks (ASR) has been approved as a Lloyd’s coverholder.
ASR provides risk transfer solutions to local and global customers across the African continent, giving them the confidence to grow their businesses sustainably. It is backed by Helios Investment Partners’ Fund IV, benefitting from its reach across Africa and its knowledge and experience in key markets.
As a coverholder of the world’s leading specialist insurance and reinsurance market, ASR can work with Lloyd’s syndicates and manage delegated authorities for specialist lines of business commencing with political violence and terrorism. It can also leverage Lloyd’s brand and licenses to bring much-needed Lloyd’s capacity to Africa.
ASR received its coverholder status through sponsorship by Atrium, a managing agent at Lloyd’s.
Stuart Harmer, terrorism and political violence underwriter at Atrium, commented: “Atrium is extremely proud to be a leading supporter of Africa Specialty Risk writing political violence business and very much look forward to a successful partnership as ASR continues to demonstrate market leading knowledge and expertise.”
Amit Khilosia, Lloyd’s head of Africa, added: “I’m extremely proud to welcome ASR to Lloyd’s as a coverholder. This demonstrates our shared commitment to Africa, and I very much look forward to working with ASR to deliver efficient access to Lloyd’s products and capacity.”
What it means to be a Lloyd’s coverholder
ASR strives to provide capacity to Africa from re/insurers with strong security and robust credit ratings.
Martin Boreham, director of underwriting and head of liability at ASR, said the coverholder status enables ASR to enhance and complement Lloyd’s existing footprint in and across the African continent.
“ASR is the only Africa-focused re/insurance capacity provider with a comprehensive corporate and specialty risk mitigation offering,” Boreham said.
Brian McGregor, director of underwriting and head of property at ASR, added that becoming an approved Lloyd’s coverholder is essential to bring much-needed insurance capacity to Africa.
“This is mutually beneficial, broadening Lloyd’s reach in Africa and allowing ASR to deepen its relationship with the world’s leading insurance market,” McGregor said.
Africa Speciality Risks
Africa Speciality Risks joins businessnetwork
ASR became a Lloyd’s coverholder after joining the Commonwealth Enterprise and Investment Council (CWEIC), the Commonwealth’s business network with over 100 business and government strategic partners from 31 countries and territories.
As a member of the CWEIC, ASR participated in a market visit to Ghana and Nigeria led by CWEIC chairman Lord Marland.
“Thanks to the meetings organized by CWEIC, we had the privilege of meeting some of the most senior public and private business leaders in both countries,” ASR said in a statement.
“At ASR, we are passionate about supporting businesses in managing risks associated with their operations and investments in Africa, including Ghana and Nigeria. The visit provided us with a fantastic opportunity to showcase our executive team and explain ASR’s risk assessment methodology, which we apply throughout the economic life cycle of each country.”