Africa (Commonwealth) _Africa Specialty Risks (ASR), a reinsurance firm, after launching its first office in the Middle East in Dubai expedited conducting business in Dubai and the surrounding region. The new office, entitled ASR Middle East, seeks to deepen ASR’s relations in these areas.
The Middle East, Africa, and South Asia (MEASA) region’s principal financial center, the Dubai International Financial Centre (DIFC), is home to the office.
Since starting underwriting in February 2021, ASR has reduced the risk associated with projects and assets valued at $23 billion. The corporation has established contracts with 49 African nations and 14 Middle Eastern nations.
ASR’s head of political violence and terrorism, Zouheb Azam (shown above), who will also be ASR Middle East’s senior executive officer, is in charge of the Middle East growth. Azam stated that ASR is now positioned at the intersection of global financial and insurance services, marking a key phase of expansion with the launch of the DIFC office.
“Our office in Dubai will enhance our current operations and the advancements we have achieved throughout Africa in creating customized and all-inclusive risk mitigation solutions for emerging markets,” stated Azam.
Azam, a Frenchman by birth, is a broker and underwriter with fifteen years of expertise in the Middle East and Africa. Prior to joining ASR, he had positions at Gras Savoye, Willis Towers Watson, and AXA.
To help corporates and investors in the area, ASR Middle East will provide a full range of corporate and specialized coverage across all nine of its business lines. ASR already has offices in London, Mauritius, Bermuda, and Morocco; the Dubai office will expand its network.
ASR’s African book of business will be strengthened by the DIFC office, which will also help the company expand its Middle Eastern book of business. The opening comes after ASR was granted regulatory permission in December 2023 by the Dubai Financial Service Authority (DFSA).
“I am thrilled that our brand-new ASR Middle East office in Dubai has officially opened,” Africa Specialty Risks CEO Mikir Shah stated. He clarified that the company’s decision to create a presence in Dubai is a logical step as it develops in the area and strengthens its capacity to promote and reduce the risk of interregional commerce between Africa and the Middle East.
Africa Specialty Risks (ASR) has expanded its parametric reinsurance business by partnering with a European reinsurer. The partnership aims to support economies in Africa and the Middle East while also providing assistance to needy populations. Along with the possibility for future expansion, the agreement is expected to strengthen ASR’s ability to provide parametric coverage for renewable energy projects, natural catastrophes, and smallholder farmers.
The pan-African (re)insurance organization Africa Specialty Risks (ASR) had previously declared that the Dubai Financial Service Authority had approved it “in principle” to establish as a company.
This development paves the way for the integration of ASR Middle East, a new organization, and represents another significant turning point for ASR. Establishing ASR’s footprint and opening an office in the Dubai International Financial Centre (DIFC) is the ultimate objective.
In order to boost insurance coverage in Africa and stimulate much-needed investment in the region, ASR started underwriting in February 2021. Due to the close ties that exist between the Middle Eastern and African markets, ASR began writing business in the Middle East in 2022. Thus far, it has completed transactions in the area pertaining to five product categories: Energy, Property, Construction, Political Violence and Terrorism, and Liability.
ASR’s decision to create an office in Dubai, a commercial center for the Middle East and the rest of the globe, was a logical step when the company started writing business in the area. ASR is currently actively offering assistance to Middle Eastern businesses conducting business throughout Africa.
The expansion is a result of a consistent endeavor to improve and harness the risk and economic environments in the Middle East and Africa. Dubai’s standing as a significant hub for commerce and business makes it an ideal place to conduct business in the Middle East and a doorway to a variety of markets, including Africa. This enables ASR to forge new connections in the area and satisfy the expanding needs of our current clientele.
