New reinsurer enters Bermuda to expand footprint

A newly launched pan-African focused reinsurance group has launched a licensed reinsurance entity in Bermuda.

Africa Specialty Risks (ASR) was launched earlier this year by Helios Investment Partners in partnership with Mikir Shah (pictured left), former CEO of AXA Africa Specialty Risks and Bryan Howett (pictured right), former CEO of Old Mutual’s pan-African reinsurance operations.

ASR has chosen Bermuda as its next destination after launching a new reinsurer in Mauritius in May.

The group will offer a full suite of products from its Bermudan reinsurer, including political risk & trade credit, political violence & terrorism, property, Energy, Liability, Construction and Parametric.

Once rated, this capacity will be used to bolster ASR's current MGA capacity supporting investment and business into and throughout Africa. Bermuda is a Solvency II equivalent global reinsurance hub.

Shah, CEO of ASR, said: “Launching our reinsurer in Bermuda is another big step for Africa Specialty Risks as we continue to build a comprehensive offering of specialty reinsurance products and services for the African markets and beyond.

“The island is an important centre of finance and increases our footprint. The reinsurer will work closely with our group companies in London and Mauritius.”

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