ASR unveils Moroccan service company for Syndicate 2454

By Rebecca Delaney

March 13 - (The Insurer) - Africa Specialty Risks has received approval for a Morocco-based service company that can underwrite in the country on behalf of Syndicate 2454.

With Morocco as a regional hub for specialty insurance risks within North Africa, the approval offers domestic and regional brokers with direct access to Lloyd's capacity from ASR's Casablanca office, which opened in November 2022.

The African Development Bank has projected significant economic growth for the Francophone market of West-Africa and the Maghreb has seen significant economic growth, with West Africa experiencing an economic growth rate of 7% in 2023, while the Maghreb region is forecast to grow at 4.4% in 2024.

Despite significant economic development, the region still faces a lack of specialty insurance solutions and capacity.

ASR formally launched Syndicate 2454 in April 2024, confirming The Insurer ’s previous reporting that ASR was working with Apollo Syndicate Management to pursue a 2024 Lloyd’s entry.

Syndicate 2454 is forecast to write 125 million pounds of gross premium in 2025, focusing on underwriting ASR’s existing lines of business. It is focused on writing African business, which currently represents around 2% of all Lloyd’s business.

In January, ASR received similar approval for its entity in Mauritius to operate as a Lloyd's service company and underwrite local business of behalf of Syndicate 2454.

This announcement came shortly after Genevieve Ahinful and Suzan Pardesi were appointed as deputy active underwriters of Syndicate 2454.