24 August 2023 – Africa Specialty Risks (“ASR”), the pan-African focused reinsurance group, is pleased to announce that it has launched a new Captive Solutions offering. In conjunction, the team will be attending the Organisation of Eastern and Southern African Insurers (OESAI) Annual Conference and AGM from 27 – 31 August in Mauritius.
To date, ASR has written business in Mauritius amounting to approximately USD $1.1 Billion in risk exposure. The insurance protection provided includes a broad range of ASR’s underwriting business lines, such as Construction, Energy, Liability, Property, Political Violence and Terrorism, and Trade Credit. The scope of ASR’s coverage touches all the key sectors of the Mauritian economy, including Hospitality, Financial Services, Real Estate, Trading, Infrastructure, Transport and Logistics.
The Mauritius office plays a crucial and integral role in ASR’s operations, acting as a cornerstone upon which the ASR group has built its strong market presence in Africa. The team in Mauritius will attend the OESAI annual conference together with a delegation from London, including the CEO, Mikir Shah, to discuss the growing insurance market in Africa and talk about our exciting new initiatives and the roll-out of new products and services. This includes ASR’s Captive Solutions offering which enables corporates and financial institutions to have greater control and flexibility over their insurance programmes.
Mikir Shah, CEO of ASR, commented: “Our captive solution offering is focused on a partnership model, backed by our expert underwriters. It includes establishing, managing and administering the captive, while deploying our own capacity and sharing the risk alongside the captive owner. This unique captive structure can proactively lower total cost of risk, enhance risk management, and also turn the captive into a profit centre.
“We’re looking forward to attending the OESAI conference, which provides a fantastic opportunity for networking with both international and local market participants. Mauritius is core to ASR and plays a pivotal role in African trade and its evolving prominence as a dynamic reinsurance hub.”
Krishna Bheenick, Managing Director of ASR Mauritius, commented: “Companies operating in and across Africa are faced by a sustained lack of insurance capacity. With the launch of this new Captive Solutions offering, we are now the go-to partner, helping companies de-risk investments and business operations by alleviating capacity constraints and improving speed to market.”
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Mikir Shah, CEO
Krishna Bheenick, MD Mauritius
Africa Specialty Risks (ASR) provides comprehensive risk mitigating solutions through high quality underwriting to local and global customers across the African continent, giving them the confidence to grow their businesses sustainably.
ASR works proactively with local regulators to develop skills and provide training to local underwriters. Environmental, social, and governance considerations are central to ASR’s values, particularly in relation to local capacity building.
ASR is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets.