First-ever Africa-focused syndicate enters Lloyd’s of London market
Pan-African focused re/insurance group Africa Specialty Risk has launched ASR Syndicate 2454, which will be focused on underwriting business across Africa. It is the first African focused syndicate writing business at Lloyd’s and is managed by Apollo.
Currently, only 2% of Lloyd’s business comes from Africa, a much-underserved insurance market, which ASR Syndicate 2454 seeks to strategically expand.
ASR Syndicate officially began underwriting on April 26 and has planned gross premium of approximately £70 million for 2024. The syndicate will look to build Lloyd’s consortia following Syndicate 2454 to deploy greater capacity.
Syndicate 2454 at Lloyd’s will complement ASR’s existing binder arrangements with international and local African reinsurers. It 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. ASR plans to launch new lines of business in 2024, subject to necessary approvals.
The company believes this presents a unique opportunity for ASR and Lloyd’s, leveraging ASR’s extensive network and experience in Africa, bringing locally sourced, high quality, African business to the London market.
Additionally, ASR seeks to leverage Lloyd's global brand and licences to close the large corporate and specialty capacity gap for clients across Africa.
