London, 8th December 2023 – Africa Specialty Risks (ASR), the pan-African focused (re)insurance group, has received Lloyd’s Council ‘in-principle’ approval to launch a Lloyd’s syndicate in 2024, with Apollo Syndicate Management, the market leading innovative integrated insurance group.
The ‘in-principle’ approval from Lloyd’s Council is subject to further financial and operational work undertaken by all new entrants to Lloyd’s market, which is required in order to obtain Final Approval and Permission to Underwrite.
ASR Syndicate 2454 aims to begin underwriting in March 2024, and will focus on underwriting business across Africa, which represents around 2% of Lloyd’s business globally. This presents a unique opportunity for specialty risk insurance opportunities for ASR and the broader Lloyd’s market.
The syndicate will focus on underwriting ASR’s existing lines of business, which include Political Risk & Trade Credit, Political Violence and Terrorism, Parametric, Energy, Property, Construction, Liability and Treaty. There are plans to launch new lines of business in 2024.
Apollo offers third party managing agency services to its long-term strategic partner syndicates, alongside its existing managed Syndicates 1969 and 1971.
ASR is already seen as a lead quoting market for African business and will bring locally sourced business via its distribution network, which will complement existing London market business. ASR will also leverage the Lloyd’s global brand and licenses to close the large corporate and specialty capacity gap for clients across Africa.
ASR began underwriting in February 2021, with the specific aim of increasing insurance penetration into Africa, encouraging much needed investment to the Continent. Since launching, it has been involved in de-risking $16.9 billion of projects and assets across Africa in 49 countries.
Mikir Shah, CEO of ASR commented: “We are thrilled to be launching a syndicate at Lloyd’s.”
“In three years, we have already become one of the established (re)insurers across Africa, and we are looking forward to bringing some of this business to Lloyd’s. Utilising the globally recognised Lloyd’s name will enable us to improve insurance penetration across Africa, which in part will be possible by expanding ASR’s on the ground footprint in Africa to territories where Lloyd’s has existing licenses.”
“We look forward to working with Apollo and Lloyd’s as we bring this new, African focused capacity to the London market.”
Andrew Gray, Apollo’s Director of Strategic Partner Syndicates commented: “We are incredibly excited to be partnering with ASR to support the delivery of their strategic ambitions at Lloyd’s, which are fully aligned with our purpose of “enabling a resilient and sustainable world”.
Apollo’s track record of building successful and innovative businesses at Lloyd’s makes us the perfect long-term partner for organisations like ASR who are looking to leverage the strengths of the Lloyd’s market.