Africa Specialty Risks (ASR), a developing markets-focused (re)insurance group, has entered into an agreement for a strategic investment by London-headquartered Vitruvian Partners, an international investment firm, which will be ASR's new lead investor.
The transaction is expected to close later this year, subject to regulatory approvals and other customary closing conditions. The terms of the transaction have not been publicly disclosed.
In partnership with Vitruvian, ASR will continue to realise its mission of enabling sustainable economic development by fulfilling unmet insurance needs. ASR is to be the reinsurance platform of choice for developing markets by providing additional new speciality lines and solutions, access to global A-rated capacity, advanced technology capabilities, expanded underwriting at Lloyd’s, and geographic expansion outside of Africa and the Middle East.
Founded in 2020, with its first policy issued in 2021, ASR is a leading developing market-focused (re)insurance group that also operates Syndicate 2454, a dedicated growth economy Syndicate at Lloyd’s, along with reinsurers in Bermuda and Mauritius.
ASR has doubled its premium base every year since inception, having de-risked over $60bn of risks throughout over 90 countries in developing markets, while providing policies in all 54 African countries, all of the Middle East, select CIS states, the Indian subcontinent and South East Asia. The group is forecast to write approximately $0.5bn in gross written premiums (GWP) in 2026.
ASR primarily writes facultative reinsurance across property, casualty and specialty classes, as well as direct insurance, especially Political Risk and Trade Credit, where it is a leader at de-risking investment into Africa.
The group operates a unique distribution model, allowing it to access risks both on the ground in-country as well as in global wholesale markets. The company also writes treaty reinsurance and provides parametric and captive solutions for corporate clients. ASR24-7, an automated underwriting platform, was launched in 2025 and offers automatic quote and binding capabilities for standardised risks.
The company has offices in London, Bermuda, Mauritius, Dubai, Morocco and South Africa, with new hubs in East and West Africa soon to open alongside offices in India, Asia and Latin America.
The company was founded by Mr Mikir Shah in 2020, and since its inception has been majority owned by Helios Investment Partners, the largest Africa-focused private investment firm.
Mr Jamie Hollins, Partner at Helios Investment Partners, said, “ASR exemplifies Helios’ strategy of partnering with outstanding founders to build market-leading platforms that address critical gaps in African and developing market ecosystems.
“We are proud to have supported ASR from launch and are confident that Vitruvian’s partnership will accelerate the company’s ambition to scale internationally and broaden its solutions for clients across developing markets.”