London-headquartered Africa Specialty Risks (ASR), the African and Middle East focused (re)insurance group, has announced that its Middle Eastern and Mauritian subsidiaries, Africa Specialty Risks Mauritius and ASR Middle East, have sealed binding authority agreements with Eureka Re, a multinational reinsurer.
The agreements came into effect on 1 December 2024.
Eureka Re, which is rated ‘A-’ by Fitch and AM Best for financial strength, provides capacity for the binding authority, with each agreement providing up to $10m in line size across a range of classes including Political Violence and Terrorism, Political Risk and Trade Credit, Energy, Construction, Property, Parametric, Liability, Aviation, Marine and Treaty.
Eureka Re is the reinsurer of Rainmaker Group, founded in 2009 and provides capacity to the group’s MGA, XS Global, and additional platforms to deploy capacity and capital globally.
Mr Mikir Shah, CEO of ASR, said, “This agreement with Eureka Re allows us to offer our clients increased capacity. We look forward to growing our mutually beneficial partnership with the Eureka team.”
Mr Gabriel Holschneider, CEO of Rainmaker Group, says that ASR’s network of clients and brokers across the Middle East and Africa means that Eureka Re can broaden its underwriting portfolio by leveraging ASR’s deep distribution networks in these regions.