Africa Specialty Risks

What Africa Specialty Risks does

Africa Specialty Risks (ASR) is a London-headquartered specialty (re)insurance group founded in September 2020 by Mikir Shah and Bryan Howett with backing from Helios Investment Partners. The company addresses the structural insurance gap in developing markets by providing specialty risk mitigation across political risk and trade credit, political violence and terrorism, property, energy, construction, casualty, marine and aviation, treaty reinsurance, and alternative risk solutions including parametric and captive products. ASR operates as a Managing General Agent (MGA) and reinsurer through three balance-sheet platforms: ASR Re Bermuda (Baa1/BBB+ rated), ASR Re Mauritius (the first African-focused Lloyd's service company operating from Mauritius), and Lloyd's Syndicate 2454 (the first African-focused Lloyd's syndicate, launched April 2024 and managed by Apollo). ASR underwrites with its own capital on every risk and is rated Baa1 (Moody's, positive outlook) and BBB+ (Fitch, positive outlook), with Syndicate 2454 benefitting from Lloyd's AA- market rating. The group maintains six offices globally (London, Hamilton, Ebène, Dubai, Casablanca, Johannesburg) with operations covering all 54 African countries, the Middle East, and select growth economies in the Indian subcontinent, Southeast Asia, and CIS states.

ASR's revenue model is built on facultative and treaty reinsurance premiums, direct insurance premiums (with strength in Political Risk and Trade Credit), and parametric/captive solutions. The company operates a multi-channel distribution model combining direct local underwriting presence, Lloyd's service companies enabling broker access to AA-rated capacity, the Baobab Consortium extending capacity to partner syndicates, binding authority agreements with capacity providers (Eureka Re, Sava Re, Africa Re, SCR, Atrium), and the recently launched ASR 24-7 digital underwriting portal for automated quote-and-bind distribution. The customer base spans corporations and investors operating in Africa and the Middle East, local African and Middle Eastern businesses, African insurers and reinsurers, governments (notably Mozambique INGD via parametric cyclone cover), and niche verticals such as dive operators and African SMEs seeking cyber coverage. Since inception, ASR has de-risked over $60 billion of risks across more than 90 developing-market countries, has doubled its premium base annually, and is forecast to write approximately $0.5 billion in gross written premiums in 2026. In June 2026, the company entered an agreement for Vitruvian Partners to become its new lead investor, replacing Helios Investment Partners as majority owner while Helios retains partnership status, signaling a transition toward international growth-equity backing to support geographic and specialty line expansion.

Name

Africa Specialty Risks

Legal name

Africa Specialty Risk Limited

Website

https://asr-re.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Africa Specialty Risks is a London-headquartered specialty re/insurance group providing political risk, trade credit, property, energy, casualty, and parametric solutions to corporations, governments, and local businesses across Africa, the Middle East, and select developing markets via Lloyd's Syndicate 2454 and licensed entities in Bermuda and Mauritius.

Ownership category

akta.pro rank

Product category

Specialty Re/Insurance

NAICS

Insurance Carriers (5241), Insurance Carriers and Related Activities (524), Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411), Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industry

Merchant Risk, Underwriting & Portfolio Monitoring (FSAMALAH)

Keywords

• Specialty reinsurance
• Political risk insurance
• Trade credit insurance
• Facultative reinsurance
• African insurance solutions

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Facultative Reinsurance Premiums: ASR primarily writes facultative reinsurance across property, casualty and specialty classes, generating premium income from risk transfer arrangements. The company has doubled its premium base annually since inception.
2. Direct Insurance Premiums: ASR writes direct insurance policies, particularly in Political Risk and Trade Credit where it is a leader at de-risking investment into Africa. Also includes direct specialty lines written through Lloyd's Syndicate 2454.
3. Treaty Reinsurance: ASR writes treaty reinsurance providing coverage to cedants across Africa and developing markets, complementing its facultative and direct insurance operations.
4. Parametric Insurance Solutions: ASR provides parametric and captive solutions for corporate clients, including coverage for weather, climate, seismic risks and natural catastrophes targeting vulnerable populations and economies.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Africa Specialty Risks (ASR) is a specialty re/insurance group that provides risk mitigation solutions to local and global customers across Africa and the Middle East. The company operates as a Managing General Agent (MGA) and Lloyd's syndicate (Syndicate 2454), writing facultative reinsurance across property, casualty, and specialty classes, as well as direct insurance focused on Political Risk, Trade Credit, Political Violence & Terrorism, Energy, Construction, Property, Liability, Marine & Aviation, and Parametric solutions. ASR participates on every risk with balance sheets in Bermuda, Mauritius, and Lloyd's Syndicate 2454, and distributes through its ASR 24-7 automated underwriting platform.

Product overview

Africa Specialty Risks operates a multi-product insurance and reinsurance platform comprising ASR 24-7 (automated underwriting portal), Syndicate 2454 (Lloyd's syndicate), and the Baobab Consortium (Lloyd's consortium). The core product portfolio spans Property (Construction, Property), Casualty (Cyber, Directors & Officers, Errors & Omissions, Financial Institutions, General Liability, Medical Malpractice), Specialty (Aviation, Credit & Political Risk/Contract Frustration, Energy, Marine, Political Violence & Terrorism, Security Risk), Treaty Reinsurance, and Alternative Risk Solutions (Captive Solutions, Parametric). The platform is designed to address the insurance gap in developing markets across Africa, Middle East, and select growth economies.

Differentiator

Problem solved

Functional benefit

Brands

• ASR 24-7: Automated underwriting platform offering instant policy quotes, full binding capabilities, and policy management resources for brokers. Currently accepts Renewable Energy, Directors & Officers Liability, Property, Political Violence and Terrorism, and Energy risks.
• Baobab Consortium
• Syndicate 2454

Products and services

• Political Risk & Trade Credit Insurance covering political risks, trade credit, and contract frustration for investments and business operations across Africa and developing markets. Provides protection for international and local organisations seeking to invest and operate in growth economies.
• Political Violence & Terrorism Coverage for political violence and terrorism risks across Africa, the Middle East, and other developing markets. Written through Lloyd's Syndicate 2454 and direct channels.
• Property

Quantifiable outcome

• De-risked over $60 billion in risks across 90+ developing-market countries since 2020
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Ten partnerships are on record, tiered major, minor, core and flagship.

• Sava RemajorChannel Partner/ Reseller/ Distributor · 24 March 2025Binding Authority Agreements with Slovenia-based reinsurer (rated A by S&P and AM Best) providing up to USD 10 million in line size across all core ASR classes. Gives Sava Re deeper access to Africa, Middle East and developing market risks.
• PULAminorStrategic or Co-development Partner · 11 December 2024Insurtech providing parametric insurance design and execution services. Collaborated with World Bank on Mozambique Cyclone Parametric Reinsurance Program structuring USD 35 million wind speed and rainfall cover for Mozambique government.
• Eureka RemajorChannel Partner/ Reseller/ Distributor · 2 December 2024Binding Authority Agreements with Eureka Re (rated A- by Fitch and AM Best) providing up to USD 10 million line size across Political Violence, Political Risk, Energy, Construction, Property, Parametric, Liability, Aviation, Marine, and Treaty. Effective December 1, 2024.
• Apollo Syndicate ManagementcoreStrategic or Co-development Partner · 29 April 2024Managing Agent for ASR Syndicate 2454 at Lloyd's, the first African-focused syndicate writing business at Lloyd's. ASR Syndicate 2454 began underwriting April 26, 2024 with planned gross premium of approximately £70 million for 2024. Apollo provides third-party managing agency services alongside its existing Syndicates 1969 and 1971.
• Inver ReminorChannel Partner/ Reseller/ Distributor · 29 February 2024Facilitated landmark parametric reinsurance partnership with a leading European reinsurer to double ASR's parametric capability for smallholder farmers, natural perils, and renewables in Africa and Middle East.
• African Reinsurance Corporation (Africa Re)flagshipStrategic or Co-development Partner · 21 November 2022Partnership agreement on Political Risk and Trade Credit Insurance bringing USD 10 million multi-year capacity for Africa and Middle East risks, effective November 1, 2022. Africa Re is Africa's pan-African reinsurer with 42 member states, AfDB, and 113 African (re)insurance company shareholders. ASR writes on behalf of Africa Re through Binder Agreement.
• Société Centrale de Réassurance (SCR)majorStrategic or Co-development Partner · 17 November 2022Partnership with Morocco's leading reinsurer combining capacities to write multi-business line coverage across Africa and Middle East. SCR holds over 50% market share in Morocco with operations in 70 markets. ASR leads joint capacity outside Morocco for SCR's proportion. Supports AfCFTA objectives.
• Atrium Underwriting LtdmajorChannel Partner/ Reseller/ Distributor · 20 July 2021Additional USD 10 million capacity for Political Violence and Terrorism from Atrium Syndicate 609, supplementing existing multi-year binder capacity of up to USD 25 million per risk through GIC of India and annual capacity from Peak Re. Atrium is a leading specialist insurer at Lloyd's.
• World BankminorStrategic or Co-development PartnerPartner in Mozambique Cyclone Parametric Reinsurance Program providing support and collaboration on innovative wind speed and rainfall parametric cover designed specifically for Africa.
• Crispin Speers & Partners LtdcoreImplementation/ SI/ Consulting PartnerASR Ltd is an Appointed Representative of Crispin Speers & Partners Ltd, a Lloyd's broker authorised and regulated by FCA (FCA number 923820). ASR Group adopts CSP's Data Protection System and Company Rules.

Scale indicators8 records

Recent moves14 records

Expansion highlights7 records

Broad incumbents

• Hiscox: Lloyd's-listed specialty insurer with deep Lloyd's DNA across cyber, D&O, marine, and political risk. Hiscox's London Market division underwrites specialty lines overlapping with ASR's Syndicate 2454 book, and it serves as a benchmark for specialty MGA platforms operating through Lloyd's.
• Hollard Insurance Group: South African-headquartered pan-African insurance group operating across multiple African markets. Comparable to ASR in distributing insurance across Africa, though Hollard's model is direct primary insurance versus ASR's specialty MGA/reinsurance model.
• Beazley: Lloyd's-listed specialty insurer with leading franchises in cyber, political risk, marine, and specialty treaty reinsurance. Beazley's product portfolio overlaps materially with ASR's cyber (launched December 2025), political risk, and treaty offerings, and serves as a comparable London-based specialty platform.
• Swiss Re Africa: Global reinsurer with established Africa and emerging markets practice underwriters including Keith Barrett (now at ASR). Comparable in facultative reinsurance, specialty underwriting, and parametric solutions — though at vastly greater scale and broader geographic scope than ASR.

Direct peers

• African Reinsurance Corporation (Africa Re): Pan-African reinsurer with 42 member states and 113 African (re)insurance shareholders. Africa Re is both a capacity partner (US$10M multi-year capacity for Political Risk/Trade Credit) and a direct competitor writing treaty and facultative reinsurance across the African continent.
• Continental Reinsurance: Pan-African reinsurer headquartered in Lagos, Nigeria with offices across Africa and Asia. Writes treaty and facultative reinsurance across property, casualty, marine, and specialty lines — overlapping with ASR's facultative reinsurance and direct specialty insurance offerings across African markets.
• CFC Underwriting: London-based specialty MGA at Lloyd's writing emerging risk lines (cyber, political risk, professional indemnity). Closely comparable business model to ASR as a specialty MGA distributing through Lloyd's service companies — also a Vitruvian Partners portfolio company, reinforcing the strategic logic of the ASR investment.
• Zep-Re (PTA Reinsurance Company): COMESA-based pan-African reinsurer providing treaty and facultative reinsurance across Eastern and Southern Africa. Competes with ASR in providing specialty capacity to African cedants and writing direct regional risks, particularly in political risk, property, and energy lines.
• WAICA Reinsurance Corporation: Sierra Leone-headquartered ECOWAS-focused reinsurer writing treaty and facultative business across West Africa. Comparable to ASR in providing regional reinsurance capacity for property, casualty, and specialty lines in lower-penetration markets.
• AXA Africa Specialty Risks: ASR's most direct predecessor — Mikir Shah (ASR's founder and CEO) and Eric Malterre (ASR's new CUO) both led AXA Africa Specialty Risks. AXA ASR writes specialty re/insurance across Africa with similar product lines including Political Risk, Trade Credit, and Political Violence, making it the closest comparable in product, geography, and distribution model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/asr-re
• Xx.com/africaspecialty

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Africa Specialty Risks