Pan-African focused reinsurance group Africa Specialty Risks (ASR) has secured an additional $10 million capacity for its Political Violence and Terrorism (PVT) division from Lloyd’s carrier Atrium Underwriting.
This capacity is in addition to the multi-year binder capacity, announced in February, across all of ASR’s business lines, of up to $25 million per risk through a partnership with GIC of India and annual capacity from Peak Re.
Atrium Syndicate 609 underwrites a broad mix of insurance and reinsurance business, both through facilities and on a facultative basis. The firm reported capacity for 2020 as £525m, having risen from £60m in 2000.
ASR launched its PVT business line in April 2021, appointing Zouheb Azam as head of the division, and offering bespoke products that cater to the specific requirements and challenges of PVT risks in Africa, covering a broad range of perils and extensions.
Stuart Harmer, head of Terrorism and Political Violence at Atrium commented: “We are thrilled to be partnering ASR in this new venture and have been extremely impressed with their knowledge and expertise in the African continent and we very much look forward to working with ASR in providing risk solutions for their clients in the region.”
Zouheb Azam, Head of PVT as Africa Speciality Risks, added: “We are delighted with the additional capacity for PVT from Atrium. PVT cover is more important now than ever before, and this extra capacity will allow us to further support our clients across Africa.
“Securing capacity from Atrium is a real demonstration of the strength of ASR’s strategy and I am looking forward to driving the PVT team forward, executing our strategy of providing specialist cover to a market that is so underserved.”
ASR was launched by Helios Investment Partners LLP in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations.
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