ASR as first African-focused Lloyd’s service company in Mauritius

Africa Specialty Risks (ASR), a re/insurance group focused on Africa and the Middle East, has announced that Africa Specialty Risks Mauritius is now operating as a Lloyd’s service company, enabling it to underwrite business in Mauritius on behalf of Syndicate 2454.

This development makes ASR the first Lloyd’s service company based in Mauritius, strengthening the country’s growing reputation as a reinsurance hub for Africa. It is also the first Lloyd’s syndicate dedicated to writing African business, which currently accounts for only 2% of all Lloyd’s business.

Syndicate 2454, which began operating at Lloyd’s in April 2024, is projected to write £125 million in gross premiums in 2025, focusing on ASR’s existing lines of business.

By leveraging ASR’s expertise at its Mauritius hub, the ability to underwrite on Lloyd’s paper expands the company’s capacity to serve clients across the continent and helps close the insurance gap. This local approach strengthens the presence of both ASR and Lloyd’s in Africa, enabling them to better address the region’s needs directly.

Krishna Bheenick, Managing Director, ASR Mauritius, said, “It is incredibly exciting for us that Syndicate 2454, with its focus on Africa, is now able to offer Lloyd’s solutions and robust security through our Lloyd’s service company in Mauritius. We have built an exceptionally strong team of underwriters, and this milestone enables us to better serve all of our clients, increasing the specialist capacity that is available in Africa.”

Amit Khilosia, Chief Distribution Officer, ASR, added, “This is a significant milestone for ASR, allowing us to service the industry in both Mauritius and Africa. ASR has actively supported the Mauritius International Financial Centre (MIFC) in its ambition to become a (re)insurance hub for the continent, and our growing relationship with Lloyd’s enhances this objective.”

Shiamdass Appannah, Lloyd’s General Representative, Mauritius, commented, “Lloyd’s is delighted to welcome ASR as the first African-focused Lloyd’s service company in Mauritius, enhancing our ability to provide critical insurance capacity across Africa. ASR continues to play a pivotal role in addressing the continent’s unique risks, fostering sustainable development, and enabling businesses and communities to thrive in a dynamic global economy.”