6 August 2021Operations

Africa specialist reinsurer unveils new Bermuda office

Africa Specialty Risks (ASR), the newly launched pan-African focused reinsurance group, has unveiled a licensed reinsurance entity in Bermuda.

ASR launched earlier this year as a partnership between Helios Investment Partners and two seasoned executives that specialise in African re/insurance: Mikir Shah, the former chief executive officer (CEO) of AXA Africa Specialty Risks and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations.

The group will offer a full suite of products from its Bermudan reinsurer, including political risk and trade credit, political violence and terrorism, property, energy, liability, construction and parametric.

Once rated, this capacity will be used to bolster ASR's current MGA capacity supporting investment and business into and throughout Africa. Bermuda is a Solvency II equivalent global reinsurance hub.

Shah, ASR’s CEO, said: “Launching our reinsurer in Bermuda is another big step for ASR as we continue to build a comprehensive offering of specialty reinsurance products and services for the African markets and beyond.”

The launch comes after ASR opened a new reinsurer in Mauritius in May.

“The island is an important centre of finance and increases our footprint. The reinsurer will work closely with our group companies in London and Mauritius,” added Shah.