Africa Specialty Risks (ASR) has announced that its Mauritius-based operation is now functioning as a Lloyd’s service company, enabling it to underwrite business locally for Syndicate 2454.
This syndicate, launched in April 2024, is the first at Lloyd’s to focus exclusively on African markets and is projected to write £125 million in gross premiums in 2025. Currently, African business accounts for only 2% of Lloyd’s overall portfolio.
ASR Mauritius becomes the first African-focused Lloyd’s service company operating from Mauritius, reinforcing the country’s position as an emerging reinsurance hub for the continent. By underwriting on behalf of Syndicate 2454, ASR said that it expands its capacity to offer specialized insurance solutions across Africa.
Since opening its Mauritius office in 2021, ASR has grown to a team of 40 employees. Operating under Lloyd’s paper allows ASR to increase its specialist capacity throughout Africa, aiming to address the continent’s insurance gap and strengthen its service to African clients directly from the region.
Krishna Bheenick (pictured above), managing director of ASR Mauritius, highlighted Syndicate 2454’s ability to provide Lloyd’s solutions.
“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,” Bheenick said.
Amit Khilosia, ASR’s chief distribution officer, noted that this development allows ASR to better serve both Mauritius and the broader African insurance industry.
“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,” Khilosia said.
Shiamdass Appannah, Lloyd’s general representative in Mauritius, acknowledged ASR’s role as the first African-focused Lloyd’s service company in the country.
“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,” Appanah said.
ASR Re operates as a fully capitalized and licensed reinsurer in Mauritius, providing insurance capacity directly to African markets.
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