London-headquartered Africa Specialty Risks (ASR), the pan-African and Middle East focused reinsurance group, has officially opened its Dubai office, its first in the Middle East.
ASR Middle East will solidify its ties in the Emirate and the wider region, where the Group has been writing business since February 2022. The new office is located within the Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region.
Mr Mikir Shah, ASR’s CEO, said in a statement, “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.”
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 Mr Zouheb Azam, ASR’s head of Political Violence & Terrorism, 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 crossroads for financial and insurance services and will allow ASR to deepen relationships with brokers, reinsurers, 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.”
ASR announced in January 2024 that it had received in-principle approval from the Dubai Financial Service Authority to register as a company in the DIFC.