Launched on January 1, 2025, Baobab offers up to USD $21 million in capacity across multiple risk classes, including Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, and Liability. The Consortium aims to expand throughout the year by attracting additional capacity partners.
Baobab is led by ASR Syndicate 2454 and supported by other prominent Lloyd’s Syndicates. It leverages ASR’s extensive local knowledge, market expertise, and distribution networks in Africa and the Middle East, providing much-needed access to risks originating from these regions. Despite their economic potential, risks from Africa currently account for only 2% of the Lloyd’s market, highlighting a significant gap in coverage.
The Consortium’s innovative partnership model enables Lloyd’s Syndicates to tap into Africa and other developing markets while delivering additional insurance capacity for local economies. ASR’s distribution hubs across Africa and the Middle East facilitate efficient capital deployment to address the substantial unmet demand for insurance in the region.
“Africa and the Middle East offer deep pools of opportunity for insurers but require specialist local knowledge and tailored underwriting solutions,” said Mikir Shah, CEO of ASR. “ASR can offer a unique African-focused platform that increases access to local markets while providing developing economies with additional global insurance capacity. I would like to thank our Syndicate partners for supporting this Consortium. We look forward to growing the Baobab Consortium in the coming months as we bring further global capacity to the region and accelerate sustainable economic growth.”
The launch of Baobab represents a significant milestone in addressing the insurance needs of developing markets, fostering sustainable economic development, and creating new opportunities for global insurers in Africa and the Middle East.
