Africa Specialty Risks hires Way to develop bespoke Africa-specific pricing models

Africa Specialty Risks (ASR), the Pan-African focused reinsurance group, has appointed Peter Way as an actuary to focus on the development of in-house pricing models.

He will build bespoke African specific pricing tools, unencumbered by legacy software and data issues, ASR said.

Way is ASR’s first actuary and brings nine years of experience working in the insurance industry. He has worked in both actuarial and underwriting roles and was previously a property underwriter at Brit, where African risks made up a material part of the international book.

Mikir Shah, ASR’s chief executive officer, highlighted Way’s knowledge of the Lloyd’s and African markets which will help ASR build “proficient, client-led services across the African reinsurance market.”

ASR was launched by Helios Investment Partners in partnership with Shah, who was formerly chief executive officer of AXA Africa Specialty Risks, and Bryan Howett, formerly chief executive officer of Old Mutual’s pan-African reinsurance operations.

ASR announced in February that it had secured an additional multi-year binder capacity of up to $25 million per risk through a partnership with GIC of India and annual capacity from Peak Re. Both deals were supported by Aon.