Africa Specialty Risk to open Mideast business in Dubai

Africa Specialty Risks, which has a Bermuda reinsurer, has been granted in principle approval to register a company in Dubai. 

The approval from the Dubai Financial Service Authority paves the way for the pan-African focused re/insurance group to incorporate new entity ASR Middle East in the domicile.

"The ultimate goal is to establish ASR’s presence with an office in the Dubai International Financial Centre (DIFC)," the company said. 

Mikir Shah (pictured), CEO of ASR, said: “The opportunity to open an office in the DIFC is an important moment for ASR ‘s continuing growth trajectory. The expansion represents a sustained effort to leverage and contribute to the economic and risk management landscape in both Africa and the Middle East. 

"Dubai’s status as a major economic and trade centre provides a key location for business activities in the Middle East and a gateway to diverse markets, including Africa. This allows ASR to meet the growing demand from our existing clients and establish new relationships in the region.”

The company said Dubai is a commercial hub for both the Middle East and the world, and the opening of an office in the Emirate is a natural progression for ASR after beginning to write business in the region. 

ASR is already actively providing support to Middle Eastern companies engaged in business activities across Africa.

Since ASR began underwriting in February 2021 it has been involved in de-risking $16.9 billion of projects and assets across Africa in 49 countries. 

In 2022, ASR started writing business in the Middle East, a move motivated by the strong linkages between the African and Middle Eastern markets, it said. It has so far written business in the region across five product lines which includes, Political Violence and Terrorism, Energy, Property, Construction, Liability.

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