This milestone enables ASR to underwrite business in Dubai on behalf of ASR Syndicate 2454, the first Lloyd’s syndicate dedicated to African-focused underwriting.
ASR Middle East, headquartered in the Dubai International Financial Centre (DIFC), aims to serve Middle Eastern and African markets, offering comprehensive risk solutions tailored to the region. Senior Executive Officer Zouheb Azam highlighted the strategic significance of this move: “Utilizing ASR Syndicate 2454’s capacity from Dubai is a significant step for ASR to service the insurance industry in both the Middle East and Africa from the DIFC.”
Launched in April 2024, Syndicate 2454 is on track to write approximately £70 million in gross premiums this year, concentrating on ASR’s established lines of business. The syndicate represents a pivotal development for Lloyd’s, as African business currently accounts for only 2% of its overall portfolio.
ASR Middle East’s operations in Dubai bolster the group’s growing footprint, complementing offices in London, Mauritius, Bermuda, and Morocco. The company has been active in the UAE market since February 2022, solidifying its position as a key player in the Middle East, Africa, and South Asia (MEASA) region.
Chief Distribution Officer Amit Khilosia remarked: “This announcement represents yet another incredibly important milestone for us. With a local approach to underwriting in Dubai, we can significantly broaden our reach by providing direct, efficient access to our products and capacities.”
ASR Middle East provides a wide range of corporate and specialty insurance solutions, leveraging its Lloyd’s paper to deploy specialized capacities that address regional needs. This initiative aligns with ASR’s mission to close the insurance gap in underserved markets.
Mikir Shah, CEO of ASR, praised the achievement, saying: “It is incredibly exciting that ASR Syndicate 2454 can now offer Lloyd’s solutions and robust security through our Dubai service company. Our strong underwriting teams in London and Dubai position us to better serve our clients and expand the availability of specialist capacity in the region.”
Andrew Woodward, Lloyd’s Regional Head for the Middle East and Turkey, welcomed ASR’s new venture “Lloyd’s Dubai is delighted to welcome Africa Specialty Risks to the DIFC. Their expertise and unique access to the African market will enhance our regional offering and strengthen risk mitigation solutions for local and global businesses.”
This development marks a significant step for ASR in bridging regional markets with Lloyd’s security and expertise, reinforcing its role as a leader in specialized insurance solutions for Africa and the Middle East.
