Lloyd’s Service Now Live in Mauritius, ASR Makes History

Africa Specialty Risks (ASR), a prominent reinsurance group, has officially launched its Lloyd’s service company in Mauritius, marking a significant milestone in the company’s ambitious growth plan in the region. Africa Specialty Risks Mauritius, the first Africa-focused Lloyd’s service company based in the country, will be underwriting local business for Syndicate 2454, a specialist syndicate focused on writing business in Africa.

A Milestone for Africa Specialty Risks and Mauritius

Syndicate 2454, established with an initial goal of underwriting £125 million in gross premiums this year, has been underwriting since April 2024.

This new development is expected to further boost the syndicate’s growth prospects in the region, as Africa Specialty Risks Mauritius concentrates on writing business in key areas such as construction, liability, and treaty, parametric, political risk & trade credit, political violence and terrorism, property, as well as energy.

The launch of Africa Specialty Risks Mauritius comes at an opportune time, as the country seeks to establish itself as a leading (re)insurance hub in Africa.

The International Financial Centre (MIFC) in Mauritius has been actively working towards this goal, and the growing partnership between Africa Specialty Risks and Lloyd’s is set to enhance this objective.

Speaking on the occasion, Krishna Bheenick, Managing Director of Africa Specialty Risks Mauritius, expressed his enthusiasm:

“It’s a truly exciting moment for us, as Syndicate 2454, with its focus on Africa, can now offer Lloyd’s solutions and robust security through our Lloyd’s service company in Mauritius.”

Amit Khilosia, Chief Distribution Officer at Africa Specialty Risks, echoed these sentiments, highlighting the significant milestone achieved by the company.

“This development marks a major achievement for Africa Specialty Risks, enabling us to provide service to the industry in both Mauritius and Africa.

Our growing relationship with Lloyd’s is a testament to our commitment to supporting the Mauritius International Financial Centre in its ambition to become a leading (re)insurance hub in the continent.”

A Growing Presence in Africa

With this development, Africa Specialty Risks strengthens its presence in Africa, a region that currently accounts for a mere 2% of Lloyd’s total business.

The launch of Africa Specialty Risks Mauritius is expected to further boost the company’s growth prospects in the region, as it leverages its expertise and global networks to provide innovative solutions to local businesses and insurers.

As Africa Specialty Risks continues to expand its presence in the continent, this strategic move is set to have a significant impact on the region’s reinsurance sector, providing local businesses and insurers with access to global expertise and innovative solutions.

The partnership between Africa Specialty Risks and Lloyd’s is a testament to the company’s commitment to growth and expansion in Africa, and is expected to pave the way for further opportunities in the region.

Source: MSN