ASR creates new captive offering

Pan-African focused reinsurance group Africa Specialty Risks (ASR) has launched a new captive product.

ASR’s Captive Solutions offering enables corporates and financial institutions to have greater control and flexibility over their insurance programmes.

“Our captive solution offering is focused on a partnership model, backed by our expert underwriters,” said ASR chief executive Mikir Shah. “It includes establishing, managing and administering the captive, while deploying our own capacity and sharing the risk alongside the captive owner. This unique captive structure can proactively lower total cost of risk, enhance risk management, and also turn the captive into a profit centre.”

Krishna Bheenick, managing director of ASR Mauritius, commented: “Companies operating in and across Africa are faced by a sustained lack of insurance capacity. With the launch of this new Captive Solutions offering, we are now the go-to partner, helping companies de-risk investments and business operations by alleviating capacity constraints and improving speed to market.”

The offering is being introduced in conjunction with the ASR team attending the Organisation of Eastern and Southern African Insurers (OESAI) Annual Conference and AGM in Mauritius.

ASR has written business in Mauritius amounting to approximately $1.1 billion in risk exposure. The insurance protection provided includes a broad range of ASR’s underwriting business lines, such as construction, energy, liability, property, political violence and terrorism, and trade credit. The scope of ASR’s coverage touches all the key sectors of the Mauritian economy, including hospitality, financial services, real estate, trading, infrastructure, transport and logistics.