BusinessDay

Africa Specialty Risks energy division capacity hits $38m

The pan-African-focused reinsurance group, Africa Speciality Risks has announce that its energy division’s capacity increased to $38 million.

This was provided through their ongoing relationship with GIC Re and Peak Re.

It follows a 12 months of profitable underwriting results for ASR’s energy portfolio, which provides coverage for the entire African continent including upstream, downstream, power, utilities, and renewables. So far, they have provided insurance cover in over 20 African countries.

This comprehensive coverage is designed to help ensure a just energy transition in Africa with ASR noting the importance of considering each application for insurance against the backdrop of achieving a fair and just energy transition for all.

Suzan Pardesi, head of energy underwriting at ASR, said “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.

“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. 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.”

Read also: FBNInsurance pays N16.1 billion claims in 2021

Africa Specialty Risks (ASR) provides comprehensive, bespoke risk mitigation solutions to local and global customers across the African continent; giving them the confidence to grow their businesses sustainably.

ASR works proactively with local regulators to develop skills and provide training to local underwriters. Environmental, social and governance considerations are central to ASR’s values, particularly in relation to local capacity building.

ASR is backed by Helios Investment Partners fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets.

Africa Specialty Risks Ltd. is an appointed representative of Crispin Speers & Partners Ltd, and operate as a managing general agent sourcing world-leading capacity for African insurance and reinsurance risk.

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