ASR agrees $10 million line size binder with Sava Re

March 24 - (The Insurer) – Africa Specialty Risks (ASR) has made binding authority agreements with Sava Re, giving the Slovenian reinsurance group access to risks originating from ASR’s core Africa, Middle East and developing markets.

Sava Re will provide capacity for the binding authority, with each agreement providing up to $10 million in line size across all core ASR classes.

Sava Re is the operating holding company of the Sava Insurance Group, one of the largest reinsurance companies domiciled in southeastern Europe. The group's long-term financial strength is rated A with a positive outlook by S&P Global Ratings and with stable outlook by AM Best.

The binding agreement will give Sava Re deeper access to risks originating from Africa, the Middle East and developing markets, allowing ASR to better allocate capacity and meet the region’s growing insurance needs. The agreements are live for risks as of March 20 onwards.

ASR CEO Mikir Shah said that entering this partnership gives the carrier further access to “leading capacity” which will be deployed to developing markets.

“Throughout Africa, the Middle East and growth economies, there’s a huge demand for specialty insurance solutions, and ASR will continue to be at the forefront of meeting this demand,” Shah said.

ASR received approval for a Morocco-based service company that can underwrite in the country on behalf of Syndicate 2454. 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 ($161.6 million) 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.