London-based international investment firm Vitruvian Partners has agreed to make a strategic investment in Africa Specialty Risks (ASR), a re/insurance group focused on developing markets.
The transaction, terms of which were not publicly disclosed, is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions.
Through its partnership with Vitruvian, ASR will continue to advance its mission to achieve sustainable economic development by meeting insurance needs.
Helios Investment Partners, founded in 2020 by Mikir Shah and the largest African private investment firm, has been the majority owner of ASR. The reinsurer issued its first policy in 2021 and has since established its business, Syndicate 2454, the only syndicate of Lloyd’s and reinsurers in Bermuda and Mauritius dedicated solely to the growth economy.
Mikir Shah, CEO of Africa Specialty Risks, commented: “I am delighted to welcome Vitruvian Partners as our new lead investor. ASR has maintained a significant growth trajectory since its launch in 2020 and this new partnership will help us achieve our ambition to become the reinsurer of choice in developing markets.
“I would like to thank Helios Investment Partners who have been our supporting partners since ASR’s inception, helping us achieve five years of incredible growth. I look forward to working closely with Vitruvian and continuing our next phase of growth as we continue to deliver sustainable economic development by meeting unmet insurance needs.”
Tassilo Arnhold, Partner at Vitruvian, added: “We are delighted to be working with Mikir and the wider ASR team, who have built an impressive business to date by addressing the critical and growing (re)insurance gap in developing markets. We look forward to working with ASR to further expand across various product lines and developing market regions globally.”
Jamie Hollins, partner at Helios Investment Partners, said: “ASR exemplifies Helios’ strategy of partnering with exceptional founders to build market-leading platforms that address critical gaps in the African and developing market ecosystems.
“In just five years, Mikir and the ASR team have combined underwriting discipline, technology innovation and global reach to expand the business at an astonishing rate.
“We are proud to have supported ASR from day one and believe Vitruvian’s partnership will accelerate the company’s ambitions to expand internationally and broaden its solutions for customers in developing markets.”
Since its inception, ASR has doubled its premium base every year, eliminated more than $60 billion in risk in more than 90 developing market countries, and offers policies in all 54 African countries, throughout the Middle East, parts of the CIS, the Indian subcontinent and Southeast Asia. The group is expected to generate gross written premiums (GWP) of approximately US$500 million by 2026.
ASR underwrites temporary reinsurance primarily in the property, casualty and professional categories, as well as direct insurance, particularly political risk and trade credit, specializing in reducing investment risk in Africa.
The insurer’s unique distribution model allows it to withstand risks in both domestic and global wholesale markets. It also underwrites treaty reinsurance and provides parametric and captive solutions to corporate clients.