Reinsurance group Africa Specialty Risks (ASR) has secured ‘in-principle’ approval from Lloyd’s Council to introduce a Lloyd’s syndicate next year.
The company will launch the new ASR Syndicate 2454 in collaboration with integrated insurance group Apollo Syndicate Management.
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Apollo specialises in providing a range of third party managing agency services to its long-term strategic partner syndicates. It currently manages Syndicates 1969 and 1971.
ASR said that the latest in-principle approval from Lloyd’s Council is now dependent on the financial and operational work, which is required to be undertaken by all the new entrants in the Lloyd’s market.
It is crucial for the company to obtain a final approval and permission to commence underwriting.
ASR Syndicate 2454 plans to start underwriting in March 2024.
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By GlobalDataIt will focus on underwriting business across the African market, which is nearly 2% of Lloyd’s global business.
According to ASR, its syndicate will offer underwriting support for all its existing lines of business including political violence and terrorism, political risk and trade credit, parametric, energy, property, liability, treaty and construction.
The company also has plans to introduce new lines of business later in 2024.
ASR first received approval as a cover holder at Lloyd’s in February 2022.
The company, which started underwriting in February 2021, now aims to utilise the Lloyd’s global brand and licences to bridge the gap between corporate and specialty capacity for its African customers.
ASR CEO Mikir Shah said: “We are thrilled to be launching a syndicate at Lloyd’s. In three years, we have already become one of the established (re)insurers across Africa, and we are looking forward to bringing some of this business to Lloyd’s.
“Utilising globally recognised Lloyd’s name will enable us to improve insurance penetration across Africa, which in part will be possible by expanding ASR’s on-the-ground footprint in Africa to territories where Lloyd’s has existing licences.”
Apollo Strategic Partner Syndicates director Andrew Gray said: “Apollo’s track record of building successful and innovative businesses at Lloyd’s makes us [the] perfect long-term partner for organisations like ASR who are looking to leverage the strengths of the Lloyd’s market.”
