Reinsurance company Africa Specialty Risks, which is backed by Helios Investment Partners, has launched a new reinsurance entity in Bermuda.

The pan-African focused reinsurance group plans to offer a suite of products from its Bermudan reinsurer such as political risk & trade credit, political violence & terrorism, property, energy, liability, construction and parametric.

Once rated, the new unit’s capacity will be used by Africa Specialty Risks to augment its current MGA capacity, supporting investment and business into and throughout Africa.

Africa Specialty Risks CEO Mikir Shah said: “Launching our reinsurer in Bermuda is another big step for Africa Specialty Risks as we continue to build a comprehensive offering of speciality reinsurance products and services for the African markets and beyond.

“The island is an important centre of finance and increases our footprint. The reinsurer will work closely with our group companies in London and Mauritius.”

Africa Specialty Risks was launched by Helios Investment Partners in September 2020 in collaboration with AXA Africa Specialty Risks’ former CEO Mikir Shah and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations.

In May this year, Africa Specialty Risks formed a dedicated reinsurance unit in Mauritius.

It offers insurance solutions in property, construction, political risk, trade credit, energy, liability and war, political violence, and terrorism.

ASR plans to establish its hubs in six other African countries including Morocco, Kenya, South Africa, Cote d’Ivoire, Egypt, and Nigeria.