Africa Specialty Risks (ASR), the re/insurance group specializing in Africa and the Middle East, has announced the renewal of its contract with Baobab, the first Lloyd’s syndicate specializing in Africa, with underwriting capacity of up to US$26 million per risk.
Launched on January 1, 2025, the Baobab Consortium is led by ASR Syndicate 2454, which leverages its deep local expertise and established distribution network in Africa and the Middle East to provide opportunities to address regional risks.
Its partnership model targets syndicates seeking to enter African and developing markets and helps provide specialist insurance against African and Middle Eastern risks within the Lloyd’s market.
With distribution centers across Africa and the Middle East, ASR can effectively deploy capital to address large unmet needs.
Martin Boreham, active underwriter, commented: “The Baobab Consortium enhances underwriting coverage for African and Middle Eastern risks while allowing the partner consortium to access our Africa-focused underwriting expertise.”
“I’m pleased to announce that we have increased our available capacity per risk to $26 million, enabling us to address ongoing insurance protection gaps across the continent.”
The alliance will provide up to $21 million in capabilities through 2025 across multiple areas, including political risk, trade credit, political violence and terrorism, property, energy, construction and liability.
