Africa Specialty Risks receives "in principle" approval in Dubai
Africa Specialty Risks receives “in principle” approval in Dubai | Insurance Business New Zealand
Reinsurance
Africa Specialty Risks receives “in principle” approval in Dubai
Development paves the way for the formation of a division in the Middle East
Reinsurance
By
Kenneth Araullo
Africa Specialty Risks (ASR), a reinsurance group with a focus on the pan-African market, has received “in principle” approval from the Dubai Financial Service Authority to register as a company.
This development paves the way for the formation of ASR Middle East and the establishment of an office in the Dubai International Financial Centre (DIFC).
Since its inception in February 2021, ASR has been focused on increasing insurance penetration in Africa and promoting investment in the continent. So far, the company has been involved in de-risking projects and assets valued at $16.9 billion across 49 African countries.
In 2022, ASR expanded its operations to the Middle East. The company has since underwritten business across five product lines in the region, including political violence and terrorism, energy, property, construction, and liability.
Dubai, as a global commercial hub, represents a strategic location for ASR’s further expansion, especially following its business initiatives in the Middle East. The opening of an office in Dubai is seen as a natural progression for the company, which is already supporting Middle Eastern companies with business ventures across Africa.
“The opportunity to open an office in the DIFC is an important moment for ASR’s continuing growth trajectory,” ASR CEO Mikir Shah said. “The expansion represents a sustained effort to leverage and contribute to the economic and risk management landscape in both Africa and the Middle East. Dubai’s status as a major economic and trade center provides a key location for business activities in the Middle East and a gateway to diverse markets, including Africa. This allows ASR to meet the growing demand from our existing clients and establish new relationships in the region.”
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