Africa Specialty Risks

🌟 We are thrilled to welcome Amit Khilosia to ASR, where he joins us as Chief Distribution Officer! 🌟   👏 Amit will lead ASR’s distribution efforts ensuring ASR continues to expand its footprint across Africa and the Middle East, delivering tailored risk solutions and bolstering client engagement. 👥 Based in ASR’s UK office, Amit will collaborate closely with the senior leadership team to drive ASR’s distribution strategy, further develop strategic partnerships, build on ASR’s market access and support the Company’s long-term growth plans across both regions.   🔊 Mikir Shah, ASR CEO, commented: “Amit’s appointment highlights ASR’s continuous ability to attract top talent as we expand our market presence across Africa and the Middle East. Amit brings a wealth of experience from his time at Lloyd’s, and has also been appointed to ASR's Executive Committee, where he will support the delivery of our growth plans.” 💬 Amit Khilosia commented: “This is such an exciting time for the business, and I am thrilled to be joining ASR to help achieve our strategic goals. Having worked over three decades at Lloyd’s, I am excited to have the opportunity to utilise my experience to further enhance ASR’s already impressive network across Africa and the Middle East, driving growth in these regions.”   🔗 See the full press release here: https://lnkd.in/eU8Wu45Y   #Reinsurance #ASR #MiddleEast #Africa #Newhire 

🔎ASR’s Tyrone Hopwood, Senior Liability Underwriter, has been looking into e-commerce fraud, specifically plastic card crime, a trend that is beginning to be seen globally more frequently. It is currently not being accounted for by the (re)insurance industry sector sufficiently, costing millions of dollars, and needs to be brought to the attention of the wider insurance community. 🗣️“Local banks across the #African continent are also observing a surge in e-commerce fraud, driven by criminal syndicates. These syndicates target e-commerce portals set up by banks for their clients, using stolen card details purchased from the dark web to commit fraud. This all results in significant chargebacks, with losses accumulating into millions over a few weeks. The issue is exacerbated by employee collusion within the banks, allowing these fraudulent activities to continue unchecked. The funds are misappropriated through their CFC accounts in USD then converted into cryptocurrencies, making them a challenge to reclaim." Looking at how to tackle this increasing problem, Tyrone says, “Banks can mitigate these risks by implementing segregation of duties, closely monitoring the aggregate daily chargebacks, and ensuring that staff 3D security privileges are monitored. Policy exposure is managed by implementing risk management subjectivities, enforcing tighter sub-limits on plastic card fraud, or implementing outright exclusions from coverage." 📈As e-commerce continues to grow, so does the need for stronger fraud detection systems globally, and collaborative efforts between banks and insurers to safeguard against this emerging threat. “We need to bring awareness to the market on plastic card fraud in the e-commerce space and devise a collaborative approach to addressing this trend. Both insurers and banks should work together to implement better fraud detection and protection. By doing so we can minimise the impact of plastic card crime and reduce future losses” 🌍With the number of e-commerce users in Africa projected to reach nearly half a billion by 2025, banks have a prime opportunity to strengthen their defences against potential fraud. By proactively adopting advanced security measures, closely monitoring transactions, and leveraging technologies like machine learning and AI to analyse legitimate transaction patterns and detect fraudulent anomalies, banks can protect their clients and foster a more secure digital commerce landscape throughout the continent. #ASR #Insurance #ecommerce #AI #machinelearning #africa

🌍 ASR’s CEO, Mikir Shah, recently caught up with Kassandra J. from Reinsurance News to discuss how (re)insurers like ASR work to help close Africa’s protection gap and reduce the shortage of insurance capacity across the continent.   ⚡ Mikir highlighted how this substantial shortage of capacity is one of the main hindrances to insurance and reinsurance market growth in Africa, and noted that consistent capacity will be key to the continent’s growth.   💬 Mikir also touched on ASR’s parametric solutions being one of the main tools used to help fuel growth in Africa: “If you want to cover more of the population, more of the continent, more of the businesses, then we have to deliver a different way of insurance. Parametric is that different way. In fact, the take-up of parametric insurance across Africa is substantial. Probably more successful than anywhere else in terms of Continental development.”   🗣️ He concluded how there are different opportunities in Africa to create more innovative insurance products and styles that allow for corporates to get insurance and be paid quickly.   🔗 Read the full article here: https://lnkd.in/eVPxkEci   #ReinsuranceNews #ASR #Parametric

📰 Suzan Pardesi, Head of Energy at ASR, recently caught up with Insurance Business UK and reflected on her journey from being the only woman in engineering and insurance to a leading advocate for DE&I. 🌟 With her early experiences as the only female oil and gas engineer in the London market, she has seen progress, noting a growing number of women entering the industry. Suzan credits initiatives like the Dive In Festival for promoting inclusive cultures and driving real change in the insurance sector. 💬 “At the time, I was the only female oil and gas engineer in the London market, and a woman of colour as well, so it was quite challenging, to say the least,” she said. “I’ve been [at ASR] for four years now and it’s safe to say, I now see a lot more women in the industry from the time that I started.” 🚀 Suzan discusses how DE&I conversations have shifted from mere representation to tackling systemic issues and fostering accountability and how these efforts must continue, with an emphasis on wellbeing and creating workplaces where all employees feel valued and included. 🔗 Read more on how she’s helping shape the future of insurance for the next generation: https://lnkd.in/e5BZaYS5

🔊 We are excited to announce that Africa Specialty Risks Ltd, ASR’s UK based entity, is operating as a Lloyd's service company, underwriting on behalf of ASR Syndicate 2454!   🌍 This development enhances our distribution network, providing brokers in Africa and the Middle East better and more efficient access to the Lloyd’s market through its service company. It enables us to leverage Lloyd’s global brand and licenses to close the capacity gap across Africa, and complements our existing partnerships with other international and local African reinsurers.   🌟 ASR Ltd is now able to write up to USD $10 million per risk across its Political Violence and Terrorism, Energy, Construction, Property, and Liability lines of business, with additional lines to be added, subject to necessary approvals.   ⚡Mikir Shah, CEO of ASR, commented, “This is another milestone in helping us achieve our objective of closing the insurance gap in Africa, providing access to local African brokers and enabling us to better distribute our Lloyd’s capacity on the continent.”   🎙️ Martin Boreham, Active Underwriter of Syndicate 2454 and Director of Underwriting at ASR, commented on the agreement saying it, “provides African brokers access to the A+ paper of Lloyd’s and is a step towards our ambition of being the go-to Lloyd’s market for the continent.”    🔗 Read the full press release here https://lnkd.in/eNwBvAim   Thank you to our managing agent, Apollo, for the invaluable support. #ASR #Africa #MiddleEast #Syndicate2454 #Lloyds 

“We know this is a continent that has got huge developmental needs and potential, so we want to make sure the continent can achieve its potential through our de-risking products” commented Mikir Shah, ASR CEO, during a recent catch-up with Francis Churchill of Insurance Day on the promising opportunities in the African (re)insurance market.   Mikir highlighted the continent’s vast potential for portfolio diversification, driven by the African Continental Free Trade Area (AfCFTA) and the growing demand for (re)insurance solutions from businesses of all sizes.   Key points from the interview include: ▷ The increasing demand from trade credit products to cargo and marine protection ▷ How ASR's de-risking products are empowering African businesses ▷ How Lloyd’s consortium ties into our vision to deploy more capacity across Africa   Brian McGregor, Director of Underwriting & Head of Property and Martin Boreham, Director of Underwriting & Head of Liability weighed in on the low levels of insurance penetration on the continent and how building Lloyd's consortia is a perfect vehicle to help decrease the insurance gap.   You can read the article here https://lnkd.in/ei3fShxw   #InsuranceDay #AfricanMarket #ASR

💼 We are excited to be attending in the upcoming 28th African Reinsurance Forum led by the AIO - African Insurance Organisation from 12-15 October, bringing together industry leaders, regulators, and stakeholders from across the globe. 🌍 The theme of this year's event is Harmonisation: uniting the African (re)insurance markets for a sustainable future and is hosted by the Insurance Federation of Egypt (IFE) under the Patronage of Financial Regulatory Authority (FRA). The AIO African Reinsurance Forum provides a platform to share best practices, discuss innovations in the sector and collaborate toward a unified and improved African (re)insurance market. 👥 Corinne Beadsmoore, Head of Broker and Cedent Engagement, Sean Paradine, Senior Treaty Underwriter, Brian McGregor, Director of Underwriting and Head of Property and Hind Gouriach, Treaty Underwriter will all be in attendance and look forward to catching up with their network. 📧 If you are interested in scheduling a meeting with any of them, please reach out via Corinne.beadsmoore@asr-re.com #AIOForum2024 #AfricaInsurance #ASR

🗣️Our CEO, Mikir Shah is speaking next Monday at the AFSIC - Investing in Africa 2024 conference, one of the leading Africa-focused investment events.   🌍 AFSIC is about nurturing investment and collaboration across the investment value chain, and driving sustainable growth in #Africa. This aligns closely with our mission to facilitate investment within Africa and further afield. Mikir will join the panel “Informed Investing: Unleashing SME Potential in Africa”, where he will share his insights on how insurance can support #SMEs across the continent, helping to foster innovation and drive growth.   📅🕑Monday 7th October 16:00 – 16:45 | Informed Investing Panel: Unleashing SME Potential in Africa, will be moderated by Jeremy Hajdenberg, Co-CEO, Investisseurs & Partenaires - I&P and feature: ➡️ Gaetan Herinckx, Investment Director, Phitrust ➡️ Janice Johnston, CEO, Edge Growth Ventures ➡️ Catherine Young, Managing Partner, Grindstone Ventures ➡️ Grace Mberia, Program Director, Mastercard Foundation Fund for Resilience and Prosperity   This event represents a fantastic opportunity to connect with global investors and explore innovative ways to drive sustainable growth on the continent, and we can't wait to connect with our network!   📍 Location: Park Plaza Westminster Bridge, London   🔗To register for the event please follow this link https://lnkd.in/gXfiUC9K   #AFSIC2024 #InvestingInAfrica #ASR

🌟 ASR featured in the Middle East Insurance Review following the news that Fitch Ratings has assigned a BBB+ Insurer Financial Strength (IFS) Rating to ASR Re Limited, with the Outlook being Positive.   🌍 Fitch expects our revenues to grow sharply in 2024 following the launch of Syndicate 2454 at Lloyd's of London and the opening of our offices in Dubai and Morocco, along with increased binder capacity.   🔗 Read the full article here – https://lnkd.in/eq_usKR5   #ASR #insurance #reinsurance #creditrating #Africa #MiddleEast

🌍 We are excited to welcome Aurelien Sauty to ASR, where he will be joining us to lead our new Marine and Aviation capacity, as Head of Marine and Aviation in Dubai.   ⚡ Aurélien brings over 16 years’ experience in the insurance industry, with a robust background in both the marine and aviation sectors. He will play a key role in developing these new lines of business and supporting ASR’s growth, and his appointment further enhances our commitment to providing comprehensive, high-quality underwriting solutions tailored specifically to the unique risks across Africa and the Middle East.   🚀 The new Marine and Aviation lines will focus on providing specialist insurance solutions that address the specific risks associated with such activities.   Mikir Shah, CEO of ASR, commented: “Aurélien’s appointment and the establishment of the Marine and Aviation divisions demonstrates our commitment to de-risking investment and increasing resilience across Africa and the Middle East and is a testament to our ongoing commitment to providing top-tier risk management solutions to our clients." Aurelien Sauty, newly appointed head of ASR Marine and Aviation Underwriting, commented: “I am honoured to join ASR at such a pivotal time for the Company. Contributing to ASR’s growth and success in the aviation and marine sectors is an exciting opportunity."   See the full press release here: https://lnkd.in/eNfhzGKC #Reinsurance #ASR #MiddleEast #Marine #Aviation #Africa