Reinsurance company ASR has announced the launch of ASR Syndicate 2454 at Lloyd’s.
Syndicate 2454, managed by Apollo, officially began underwriting on 26 April 2024 and is reputed to be the first African-focused syndicate at Lloyd’s.
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It will focus on ASR’s existing lines of business and has a planned gross premium of approximately £70m ($87.71m) for 2024.
The syndicate will underwrite a range of lines including political risk and trade credit, political violence and terrorism, parametric, energy, property, construction, liability and treaty.
ASR also has plans to introduce new lines of business in 2024, pending the necessary approvals.
This expansion leverages ASR’s network and experience in Africa, aiming to bring locally sourced African business to the London market.
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By GlobalDataASR Syndicate 2454 is expected to build Lloyd’s consortia to deploy greater capacity following its launch.
The syndicate’s strategy includes leveraging the Lloyd’s global brand and licences to address the corporate and specialty capacity gap for clients across Africa.
Currently, only 2% of Lloyd’s business originates from Africa, a figure that ASR Syndicate 2454 is strategically positioned to increase, ASR noted.
Since beginning underwriting in February 2021, ASR has aimed to close the insurance gap in Africa and promote international investment within the continent.
The group is said to have de-risked more than $20bn of projects and assets across 49 African countries.
ASR’s expansion has also reached the Middle East, with a recent approval “in principle” from the Dubai Financial Services Authority to open an office in Dubai.
The establishment of Syndicate 2454 at Lloyd’s will complement ASR’s existing binder arrangements with both international and local African reinsurers.
ASR’s journey with Lloyd’s began in February 2022 when it first received approval as a cover holder.
ASR CEO Mikir Shah commented: “We are delighted that Syndicate 2454 is now up and running at Lloyd’s. Across ASR, we are building a business whose prime mission is to increase insurance penetration across Africa, and Syndicate 2454 is another positive step in helping us achieve our objective.
“Working with Apollo and Lloyd’s, we hope to be able to bring innovative risk mitigation solutions to the African insurance market and encourage high-quality international capital and investment to take advantage of the vast opportunities we see on the continent.”
