Africa Specialty Risks launches captive solution
Africa Specialty Risks (ASR), the pan-African reinsurance group, has announced the launch of its captives solution to allow businesses and financial institutions to have greater control and flexibility over their insurance programs.
According to ASR, it will jointly participate in the Annual Conference and General Assembly of the Organization of Eastern and Southern Africa Insurers (OESAI) from August 27 to 31 in Mauritius.
The firm added that members of the Mauritius team will attend OESAI’s annual conference alongside a delegation from the London office, including CEO Mikir Shah, to discuss the growth of the insurance market in Africa, new ASR initiatives, and the launch of new products and services.
These include ASR’s captive solution, which it says will allow businesses and financial institutions to have greater control and flexibility over their insurance programs.
Mikir Shah, CEO of Africa Specialty Risks, commented, “Our solution for captives is driven by a partnership model, supported by our underwriters who are experts in the market. It includes the creation, management and administration of the captive, while deploying our own capacity and sharing the risk with the owner of the captive.
“The unique structure we offer for captives proactively reduces the total cost of risk, improves risk management, while transforming the captive into a profit center.”
Shah continued, “We look forward to participating in the OESAI conference, which provides an excellent opportunity to strengthen our ties with local and international market players.
“Mauritius is at the heart of ASR and plays a pivotal role in African trade and its evolution as a reinsurance hub.”
Krishna Bheenick, Managing Director – Mauritius, said, “ Companies operating in Africa and across the continent face a constant lack of insurance capacity.
“With the launch of this new range of captive solutions, we are now the partner of choice, and we support companies in their efforts to reduce the risks associated with investments and commercial operations, while alleviating capacity constraints and improving speed to market.”
To date, ASR has been involved in de-risking approximately $1.1 billion for businesses and investments in Mauritius, the firm explained.
The insurance protection provided spans the various covers offered by ASR, such as construction, energy, liability, property damage, political violence and terrorism, and trade credit.
ASR said its coverage extends to all key business sectors of the Mauritian economy, including hospitality, financial services, real estate, trade, infrastructure, transport and logistics.
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