Africa Specialty Risks (ASR) Middle East has commenced operating as a Lloyd’s service company, allowing it to underwrite business in Dubai on behalf of ASR Syndicate 2454, the first African-focused syndicate at Lloyd’s.
Syndicate 2454 began writing business at Lloyd’s in April 2024, with plans to write circa £70 million of gross premium in 2024, focusing on underwriting ASR’s existing lines of business.
Earlier this year, ASR opened an office within the Dubai International Financial Centre (DIFC), solidifying ties in the UAE and wider region, where the group has been writing business since February 2022.
The Dubai office adds to ASR’s established presence in London, Mauritius, Bermuda and Morocco.
The firm says its ability to write on its own Lloyd’s paper in Dubai enhances its capacity to deploy specialist services and reduce the insurance gap, while providing a comprehensive suite of corporate and specialty covers across all business lines to support corporates and investors in the region.
Mikir Shah, CEO of ASR, states: “It is incredibly exciting for us that ASR Syndicate 2454 is now able to offer Lloyd’s solutions and robust security through our Lloyd’s service company in Dubai.
“We have built up an exceptionally strong team of underwriters in London and Dubai, and this milestone enables us to better serve all of our clients, increasing the amount of specialist capacity that is available in the region.”
Andrew Woodward, Lloyd’s regional head for Middle East and Turkey, adds: “Lloyd’s Dubai is delighted to welcome Africa Specialty Risks to the DIFC. Their expertise and unique access to the African market will add strength to our regional offering by enhancing risk mitigation solutions available for local and global businesses.”
