Reinsurer Africa Specialty Dangers (ASR) has secured authorisation for ASR North Africa to perform as a Lloyd’s service firm.
This allows the corporate to underwrite within the area on behalf of Syndicate 2454, granting brokers in Morocco and north-west Africa direct entry to Lloyd’s capability.
ASR inaugurated its workplace in Casablanca, Morocco, in November 2022 and was awarded Casablanca Finance Metropolis (CFC) standing by the Minister of Financial system and Finance.
The corporate just lately launched a captive’s initiative in collaboration with the West African Growth Financial institution.
The financial institution raised greater than $500m (£386.86m) in a spherical that was 3.4 occasions oversubscribed.
ASR CEO Mikir Shah mentioned: “Lloyd’s service firm approval is a vital second for ASR’s operations in Morocco, which can serve north-west Africa. ASR is now one of many important insurance coverage gamers within the African market, and we stay up for leveraging our Baobab consortium to carry significant capability to this essential area.”
Lloyd’s AIME regional supervisor Shankar Garigiparthy added: “We’re very happy to welcome Africa Specialty Dangers as a Lloyd’s service firm in Morocco. The CFC has a vital position within the regional insurance coverage market, and this extra capability will present companies a possibility to scale their buyer choices and contribute in direction of the area’s continued growth.”
In January this 12 months, ASR launched the Baobab consortium at Lloyd’s, offering companion syndicates entry to creating markets coupled with on-the-ground technical experience.
ASR additionally established its Lloyd’s service firm in Mauritius, which commenced underwriting native enterprise for Syndicate 2454 in the identical month.
