Africa Specialty Risks (ASR), the pan-African focused reinsurance group, announced its energy division’s capacity increased to $38 million, provided through its ongoing relationship with GIC Re and Peak Re.
This follows 12 months of profitable underwriting results for ASR’s energy portfolio, said ASR, noting that it provides coverage for the entire African continent including upstream, downstream, power, utilities, and renewables. To date, ASR has provided insurance cover in more than 20 African countries.
“We are delighted with the significant increase in our overall capacity and are committed to providing insurance cover to support our clients and partners across the continent in the wake of the current energy crisis,” commented Suzan Pardesi, head of Energy underwriting at ASR.
“Africa is endowed with abundant renewable energy sources, upon which it can sustainably base its ambitious socio-economic development and ASR will support energy offerings which will provide profound welfare and environmental benefits to people across the continent,” Pardesi added. “Energy price, demand, and security is at the top of the global agenda, and it is important that individual insurers map a course that will realistically meet energy demand in Africa.”
The London-based ASR was launched in September 2020 by Helios Investment Partners LLP in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations. An appointed representative of Crispin Speers & Partners Ltd., ASR operates as a managing general agent.
Source: Africa Specialty Risks
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