Africa Specialty Risks Secures $10M of PVT Capacity from Atrium at Lloyd’s

July 20, 2021

Africa Specialty Risks (ASR), the pan-African focused reinsurance managing general agent, announced it has secured an additional $10 million in capacity for its Political Violence and Terrorism (PVT) division from Lloyd’s insurer Atrium Underwriting Ltd.

This is in addition to the multi-year binder capacity across all of ASR’s business lines, of up to $25 million per risk through a partnership with GIC of India and annual capacity from Peak Re as announced in February this year. GIC has an AM Best rating of “BBB+” (Good), while Peak Re’s AM Best rating is “A-” (Excellent).

Atrium is a leading insurer with expertise in managing and underwriting specialist insurance and reinsurance business, exclusively at Lloyd’s. Atrium’s Syndicate 609 is made up of 12 separate underwriting class teams, each led by an experienced market professional. The syndicate underwrites a broad mix of insurance and reinsurance business, both through facilities and on a facultative basis. The firm reported capacity for 2020 of £525 million ($719.7 million), having risen from £60 million ($82.3 million) in 2000.

ASR launched its PVT business line in April 2021, appointing Zouheb Azam as head of the division, and offering bespoke products that cater to the specific requirements and challenges of PVT risks in Africa, covering a broad range of perils and extensions.

“We are delighted with the additional capacity for PVT from Atrium. PVT cover is more important now than ever before, and this extra capacity will allow us to further support our clients across Africa,” commented Zouheb Azam, head of PVT as Africa Speciality Risks.

“Securing capacity from Atrium is a real demonstration of the strength of ASR’s strategy and I am looking forward to driving the PVT team forward, executing our strategy of providing specialist cover to a market that is so underserved,” Azam added.

ASR was launched by Helios Investment Partners LLP in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks and Bryan Howett, former CEO of Old Mutual’s pan-African reinsurance operations.

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Topics Excess Surplus Lloyd's

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