Africa Specialty Risks Receives Dubai Approval, Expanding Presence into Middle East
CWEIC Strategic Partner, Africa Specialty Risks (ASR), a pan-African reinsurance group, has received ‘in principle’ approval from the Dubai Financial Service Authority to register as a Company.
This paves the way for the establishment of a new identity, ASR Middle East, in the Dubai International Financial Centre (DIFC). ASR, which started underwriting in February 2021, aims to boost insurance penetration in Africa and attract investment to the continent. It has de-risked $16.9 billion of projects across 49 African countries. ASR expanded into the Middle East in 2022, writing business in five product lines such as Political Violence and Terrorism, Energy, and Property.
With Dubai being a commercial hub, ASR’s move to open an office there aligns with its goal of supporting Middle Eastern companies operating in Africa.
Mikir Shah, CEO of ASR commented, “The opportunity to open an office in the DIFC is an important moment for ASR ‘s continuing growth trajectory. The expansion represents a sustained effort to leverage and contribute to the economic and risk management landscape in both Africa and the Middle East. Dubai’s status as a major economic and trade centre provides a key location for business activities in the Middle East and a gateway to diverse markets, including Africa. This allows ASR to meet the growing demand from our existing clients and establish new relationships in the region.”
For more information please click here.