Pan-African focused reinsurance group Africa Specialty Risks (ASR) is rolling out a new Captive Solution offering on the continent.
Mikir Shah, CEO of ASR, said the company’s captive offering is focused on a partnership model, backed by ASR’s underwriters.
Captive Solutions will include establishing, managing and administering the captive, while ASR is deploying its 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,” Shah said.
Krishna Bheenick, managing Director of ASR Mauritius, said: “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.”
To date, ASR has written around $1.1bn in risk exposure in Mauritius across a range of coverages such as construction, energy, liability, property, political violence and terrorism, and trade credit and across industries including hospitality, financial services, real estate, trading, infrastructure, transport and logistics.
It is not clear how ASR is facilitating its new captive offering, but Mauritius is the only African jurisdiction with protected cell company and captive legislation in place.