Qatar Insurance Company (QIC) has made an undisclosed investment in Africa Specialty Risks (ASR), extending an existing partnership as part of its expansion into African and developing markets.
Through the investment, QIC aims to gain access to ASR’s regional network and underwriting expertise, while adding another source of diversified premium and earnings growth through a management team it has already worked with as a capacity provider.
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According to the statement, the step forms part of QIC’s strategy of supporting specialist underwriters and experienced management teams in regions it sees as having “strong long-term growth”.
QIC group CEO Salem Al Mannai said: “Our decision to invest and deepen our relationship with ASR reflects our confidence in both the long-term growth prospects of African and developing insurance markets and the exceptional quality of the ASR platform.
“This partnership provides QIC with a highly effective platform to participate in the growth journey of Africa and other developing markets alongside a proven management team and a world-class insurance partner.”
The investment also extends QIC’s international presence.
Its existing footprint covers Qatar, the Gulf Cooperation Council, Lloyd’s, international reinsurance and Asia, and now includes Africa and other developing markets where insurance penetration remains comparatively low.
ASR, established in 2020 and led by Mikir Shah, is a specialist reinsurance business focused on Africa and developing markets.
QIC has already provided reinsurance capacity to ASR.
This has included Funds at Lloyd’s for Syndicate 2454 and binder capacity through Antares, giving QIC earlier exposure to ASR’s underwriting business across the continent.
Shah added: “Working with QIC over the last few years, we have built a strong partnership as they have looked to access our African and developing market-focused specialty underwriting while supporting us with capacity.”
The exact amount invested was not made public.
In May 2025, QIC launched personal cyber insurance coverage to protect individuals against cyber risks.
