This marks the launch of the first African-focused Lloyd’s syndicate, Syndicate 2454, under the Lloyd’s platform.
Operating from Mauritius, Syndicate 2454 began writing business at Lloyd’s in April 2024. It is forecast to underwrite £125 million in gross premium for 2025, concentrating on ASR’s established lines of business. This syndicate is the first of its kind to specialise in African business, a region that currently accounts for just 2% of Lloyd’s global business.
Mauritius is now the first African location where ASR operates as a Lloyd’s service company, cementing its role as a growing reinsurance hub for the continent. By leveraging its expertise and local presence, ASR enhances its ability to provide specialist (re)insurance capacity and address Africa’s insurance gap. Since opening in 2021, ASR’s Mauritius hub has grown to a team of 40 employees, further solidifying its position in the region.
Krishna Bheenick, Managing Director of ASR Mauritius, emphasised the importance of the milestone “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 at ASR, highlighted the broader impact “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 in Mauritius, echoed the significance of the achievement “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.”
ASR Re, a fully capitalised and licensed reinsurer based in Mauritius, continues to provide African-domiciled capacity to the continent. This development aligns with its mission to bridge the insurance gap, empower businesses, and support economic growth across Africa.