Africa Specialty Risks cleared as coverholder for Lloyd’s reinsurance
Africa Specialty Risks, the pan-African focused reinsurance group, has been approved as a coverholder for Lloyd’s syndicates, starting from political violence and terrorism specialist lines.
Africa Specialty Risks, which has written business in 47 African countries across nine lines of business, was sponsored in its drive for Lloyd’s status by Lloyd’s managing agent Atrium.
Reinsurance across the continent is considered “vital to unlocking investment, increasing insurance penetration and providing greater protection for businesses and investors operating in and across the continent,” the group said in its statement.
The group’s director of underwriting and head of liability Martin Boreham (pictured) commented: “Africa Specialty Risks is the only Africa focused re/insurance capacity provider with a comprehensive corporate and specialty risk mitigation offering. Lloyds Coverholder status enables ASR to enhance and complement Lloyd’s existing footprint in and across the African continent.”
Africa Specialty Risks’ director of underwriting and head of property Brian McGregor commented: “Becoming a Lloyd’s approved coverholder is an important step in our mission to bring much needed insurance capacity to Africa. This is mutually beneficial , broadening Lloyd’s reach in Africa and allowing ASR to deepen its relationship with the world’s leading insurance market.”
Lloyd’s head of Africa Amit Khilosia added: ‘I’m extremely proud to welcome ASR to Lloyd’s as a coverholder. This demonstrates our shared commitment to Africa and very much look forward to working with ASR to deliver efficient access to Lloyd’s products and capacity ”
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