London, 21 November 2022 and Lagos, 21 November 2022:
Africa Specialty Risks (“ASR”, the “Group”) and the African Reinsurance Corporation (“Africa Re’) are pleased to announce that they have entered into a partnership agreement on the provision of Political Risk and Trade Credit Insurance (“PRI & TC”) through an Underwriting Authority Agreement which brings in US$ 10 million multi-year capacity for risks situated in Africa and the Middle East, effective from 1st November 2022.lty Risks (“ASR”, the “Group”) and the African Reinsurance Corporation (“Africa Re’) are pleased to announce that they have entered into a partnership agreement on the provision of Political Risk and Trade Credit Insurance (“PRI & TC”) through an Underwriting Authority Agreement which brings in US$ 10 million multi-year capacity for risks situated in Africa and the Middle East, effective from 1st November 2022.
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.
Forging effective collaboration and partnerships is key to finding sustainable solutions to some industry challenges. The agreement enhances the combined ability of ASR and Africa Re to provide the much needed underwriting capacity in Political Risk and Trade Credit, which in turn will widen access to specialty risk mitigation covers by a wider array of corporates and investors, therefore playing a key role in the facilitation of trade and inclusive growth mainly in Africa and the Middle East.
ASR’s partnership with Africa Re reflects a shared mission to deepen the Africa (re)insurance market. It is important for emerging economies that organisations are fully equipped to mitigate against Political Risk and Trade Credit risks. This partnership is a testimony of ASR and Africa Re’s resolve to supporting the goals of the AfCFTA – the African Continental Free Trade Area.
Mikir Shah, CEO of Africa Specialty Risks, commented:
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.
Corneille Karekezi, Group CEO and MD of Africa Re, commented:
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.
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