Africa Specialty Risks (ASR), a re/insurance group specialising in emerging markets, has received approval for ASR North Africa to operate as a service company at Lloyd’s, allowing it to underwrite policies on behalf of Syndicate 2454 within the country.
With this approval, brokers in Morocco—Africa’s second-largest insurance market—and the wider North-West African region gain direct access to Lloyd’s capacity. Morocco plays a pivotal role as a regional hub for specialty insurance within this sub-region.
Economic growth in West Africa and the Maghreb has been significant. According to the African Development Bank, West Africa’s economy is expected to grow by 7% in 2023, while the Maghreb region is projected to expand by 4.4% in 2024.
However, despite these advancements, the region still faces a shortage of specialty insurance solutions.
ASR established its Casablanca office in November 2022 and was granted Casablanca Finance City (CFC) status by the Ministry of Economy and Finance.
Mikir Shah, Chief Executive Officer, ASR, said: “Lloyd’s service company approval is an important moment for ASR’s operations in Morocco which will serve North-West Africa. The region is seeing significant economic development but lacks both capacity and expertise in specialty re/insurance. ASR is now one of the significant insurance players in the African market, and we look forward to leveraging our Baobab consortium to bring meaningful capacity to this important region.”
Since then, the company has expanded its footprint in Francophone Africa, including launching a captives initiative in collaboration with the West African Development Bank (BOAD). BOAD recently raised over $500 million in an oversubscribed funding round, with proceeds aimed at fostering economic growth across the West African market.
In January 2024, ASR introduced the Baobab consortium at Lloyd’s, providing partner syndicates with access to emerging markets and local technical expertise.
Amit Khilosia, Chief Distribution Officer, ASR, added: “Our Lloyd’s service company in the CFC acts as an important distribution hub for both the Morocco and North-West Africa markets. The presence on the ground enables ASR to match the need for specialty re/insurance solutions with global capacity and underwriting excellence. I look forward to growing our Casablanca presence as we continue to service both local and regional markets.”
Shankar Garigiparthy, Regional Manager of AIME at Lloyd’s, commented: “We’re very pleased to welcome Africa Specialty Risks as a Lloyd’s service company in Morocco. The CFC has a crucial role in the regional insurance market, and this additional capacity will provide businesses an opportunity to scale their customer offerings and contribute towards the region’s continued development.”
Lamia Merzouki, Chief Operating Officer, Casablanca Finance City Authority, noted: “We are proud to see ASR establish itself as a Lloyd’s service company in Casablanca, marking a significant milestone for the CFC community and further reinforcing our position as a reinsurance hub for Africa. Having a presence on the ground will enable ASR to accelerate its growth and expand its reach across the continent.”
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