London, 05 August 2025 – Africa Specialty Risks (“ASR”), the developing markets focused (re)insurance group, has today welcomed the revision of its outlook to positive on its Moody’s Baa1 insurance financial strength rating.
Mikir Shah, Chief Executive Officer, ASR commented:
“We are very pleased with the positive outlook from Moody’s on our Baa1 rating, alongside Fitch’s positive outlook on our BBB+ rating last September. This demonstrates confidence in our trajectory from both rating agencies to A-/A3, which we expect soon.”
“ASR continues to expand our business lines, geographies and operational capabilities, which has led to consistently strong underwriting profitability and signals the upward momentum of our ratings. I look forward to the ongoing growth of our business as we continue to focus on enabling sustainable economic development by fulfilling unmet insurance needs.”
Moody’s highlighted a number of key strengths underpinning this revision, including:
- Strengthened market position: A strengthened market position and increased relevance in the corporate and specialty insurance market across Africa
- Improved diversification: ASR has achieved improved business and geographic diversification, with a more balanced mix across lines and expansion beyond Africa
- Successful Lloyd’s syndicate launch: The launch and growth of Syndicate 2454 significantly enhances ASR’s business origination capabilities, expanding its reach and product offering
- Broader risk-sharing partnerships: ASR benefits from a greater breadth and depth in its pool of risk-sharing partners, including several strong (re)insurance providers on its binder panel and capital providers to its syndicate
- Sustained underwriting profitability: ASR has demonstrated consistently strong underwriting profitability to date, reflecting disciplined underwriting practices and prudent reserving
Moody’s has indicated that an upgrade to an A3 rating would require sustained business volume growth in line with plan, continued strong underwriting performance (loss ratios at or below 60%), progress in reducing the inter-company loan to affiliates, and an increased level of on-balance-sheet capital to improve operating flexibility and resilience. ASR is confident that it will meet these conditions in the coming months, paving the way for an upgrade to an A3 rating.
Moody’s is a leading global provider of credit ratings, research, and risk analysis with more than 33,900 rated entities and transactions comprising approximately $73 trillion of rated debt.
Cap Structure acts as rating advisors to ASR.
Media Enquiries
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About ASR
Africa Specialty Risks (ASR) is enabling sustainable economic development by fulfilling unmet insurance needs. Our platform provides local underwriting expertise, an unparalleled distribution network and access to global capacity.
Founded in the heart of Africa and with offices across the continent and the Middle East, we provide regional market knowledge, data insights, and technical proficiency for capital partners who are looking to increase their presence in growth markets.
We also participate on each and every risk we underwrite with balance sheets in Bermuda, Mauritius and through Syndicate 2454 at Lloyd’s. ASR is committed to accelerating business growth by providing customised service and innovative insurance products to enable development.