Africa Specialty increases energy capacity to $38m thanks to Peak Re, GIC Re
Pan-African reinsurance group Africa Specialty Risks (ASR) has increased its energy portfolio’s capacity to $38 million through a partnership with GIC Re and Peak Re.
ASR’s energy portfolio provides coverage for the entire African continent including upstream, downstream, power, utilities, and renewables, and has so far provided insurance cover in over 20 African countries.
The increase follows 12 months of profitable underwriting results for the energy portfolio, ASR stated.
Suzan Pardesi (pictured), head of energy underwriting at ASR, said: “We are delighted with the significant increase in our overall capacity and are committed to providing insurance cover to support our clients and partners across the continent in the wake of the current energy crisis.
“Africa is endowed with abundant renewable energy sources, upon which it can sustainably base its ambitious socio-economic development and ASR will support energy offerings which will provide profound welfare and environmental benefits to people across the continent. Energy price, demand, and security is at the top of the global agenda, and it is important that individual insurers map a course that will realistically meet energy demand in Africa.”
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