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Africa Re, ASR in $10m credit risk partnership

African Reinsurance Corporation, Africa Re, and Africa Specialty Risks, ASR, have signed pacts on the provision of political risk and trade credit insurance.

The partnership will go through an underwriting authority agreement, which brings in a $10 million multi-year capacity for risks situated in Africa and the Middle East. The ASR team will write, on behalf of Africa Re and other (re)insurance underwriting capacity providers, political risk and trade credit in accordance with the terms of the binder agreement.

ASR suggests that its partnership with Africa Re reflects a shared mission to deepen the Africa (re)insurance market and is a testament to the two firms’ resolve in supporting the goals of the African Continental Free Trade Area.

Group Managing Director of Africa Re, Dr Corneille Karekezi, said Africa Re is committed to finding solutions to the problem plaguing the sector. Karekezi said: “The partnership with ASR complements our existing relationships and reflects our commitment to identifying solutions to industry challenges.

“The dearth of underwriting capacity to cover insurance against the prevalent political and trade credit risks in Africa is one of key impediments to attracting the much-needed investment for economic development in Africa.”

On a related note, ASR recently announced that it entered a partnership agreement with Moroccan reinsurer Société Centrale de Réassurance. A joint statement said that the pair would be combining capacities to write multi-business line coverage across Africa and the Middle East, with the joint capacity being led by the ASR team outside of Morocco for a proportion of SCR’s capacity.

 

The Chief Executive Officer of Africa  Specialty Risks, Mr Mikir Shah, said ASR was very pleased to enter into agreement with Africa Re. Shah, who was pleased with partnership, said: “Partnering with Africa Re is an exciting time for ASR as we continue to protect the continent from a myriad of risks and increase our footprint in Africa.

 

“This partnership will elevate the protection we are able to provide to international and local organisations. We look forward to working with Africa Re, and continuing our work in filling the insurance gap in Africa.”

 

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