Neema expands reinsurance offering in Africa citing ‘significant demand’
African specialist underwriting agency Neema Insurance Managing Agency has launched a political violence terrorism reinsurance product aimed at small and medium enterprises (SMEs) in partnership with ASR Re (Bermuda).
ASR Re has agreed to provide capacity to Neema to underwrite SME business on their behalf in some African territories, effective as from April 2022. Together, they aim to provide innovative solutions covering a broad range of perils.
Sharon Ng, principal officer of Neema, said: “As part of its objectives for 2022, Neema wants to offer customised reinsurance solutions to all types of businesses in Africa. The launch of this PVT product is a direct result of the significant demand we have received coming from small and medium enterprises. The Neema team has worked with clients across Africa on this line of business. These include large multi-nationals to small-to-medium-sized businesses. Our team has the know-how and experience to create fit-for-purpose solutions to suit your business needs.”
Zouheb Azam, head of political violence underwriting at ASR, added: “We are excited by the partnership with Neema. This opens the door to SME opportunity across Africa which should bring diversification to our current book. This also demonstrates our commitment to support local players despite the challenging time the PVT industry is facing.”
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