Africa Specialty Risks (ASR), the pan-African and Middle East focused reinsurance group, has opened its Dubai office in the DIFC, its first in the Middle East.
Mikir Shah, chief executive officer of Africa Specialty Risks, said: “I am delighted that our new ASR Middle East office in Dubai is now open. Establishing a presence in Dubai is a natural next step for us as we continue to grow in the region and strengthen our ability to facilitate and de-risk the inter-regional trade between Africa and the Middle East.”
Salmaan Jaffery, chief business development officer, DIFC Authority, said: “We welcome ASR Middle East to DIFC, which is now the deepest reinsurance market between London and Singapore. As Dubai continues to rise as a global hub for insurance and reinsurance, this strategic move positions the firm perfectly for expansion and enhanced service delivery for clients across key growth markets.”
ASR began underwriting in February 2021 and has since been de-risking $23bn worth of projects and assets, as well as written business across 14 countries in the Middle East and 49 African countries.
The firm’s Middle East expansion is led by Zouheb Azam, head of political violence & terrorism of Africa Specialty Risks, who is also to take on the role of senior executive officer, ASR Middle East.
He said: “The opening of our new office in DIFC represents an exciting next phase of growth. It positions us at the global cross-roads for financial and insurance services and will allow ASR to deepen relationships with brokers, re- insurers and businesses in the region. Our Dubai office will complement our existing operations and the progress we have made across Africa in developing bespoke and comprehensive risk mitigating solutions for developing markets.”
Born in France, Azam has 15 years’ experience of both Africa and the Middle East as a broker and underwriter and possesses a wealth of longstanding experience relationships within the region. Prior to joining ASR, Zouheb has gained Middle Eastern and industry experience with Gras Savoye, Willis Tower Watson and AXA.
ASR Middle East will be providing a comprehensive suite of corporate and specialty covers across all nine of its business lines, supporting corporates and investors operating in the region.
The Dubai office is set to add to ASR’s already established network of premises in London, Mauritius, Bermuda and Morocco, and enables enhanced customer service and collaboration with business partners globally. The launch of DIFC office will also strengthen ASR’s African portfolio and facilitate expansion of its Middle Eastern book of business.
The opening follows ASR receiving regulatory approval from the Dubai Financial Service Authority (DFSA), the independent regulator of financial services conducted in or from DIFC, in December 2023.
