(3 minutes read)
· Africa Specialty Risks (ASR) announced launch of a fully capitalized and licensed reinsurer based in Mauritius
· The reinsurance managing general agent is focused on the African corporate and specialty market. ASR has also been granted a license in Mauritius to act as an MGA
· The group announced in February it had secured a multi-year binder capacity of up to US$25 million per risk through a partnership with India’s GIC Re and annual capacity from Hong Kong based Peak Re.
Africa Specialty Risks (ASR) announced launch of a fully capitalized and licensed reinsurer based in Mauritius. The reinsurance managing general agent is focused on the African corporate and specialty market. ASR has also been granted a license in Mauritius to act as an MGA.
ASR is backed by Helios Investment Partners, the largest Africa-focused private investment firm. Helios was launched in June 2019. Its investors include CDC Group (the UK’s development finance institution and the International Finance Corporation, besides institutional investors.
The group announced in February it had secured a multi-year binder capacity of up to US$25 million per risk through a partnership with India’s GIC Re and annual capacity from Hong Kong based Peak Re. This has been supported and completed with the help of Aon.
ASR plans to establish business development hubs in six other African countries, namely Morocco, Kenya, South Africa, Cote d’Ivoire, Egypt and Nigeria. ASR will be investing in local training of the market in specialty insurance lines.
Mauritius is an ideal reinsurance hub because there is an abundance of potential skills that can be developed further with training. It already has an established insurer presence expanding into the continent.
