Reinsurance group Africa Specialty Risks strengthens ties in the Middle East and Africa.
Africa Specialty Risks (ASR) has announced the opening of its first Middle Eastern office in Dubai, marking a significant milestone in its global expansion. The new office, named ASR Middle East, is strategically located within the Dubai International Financial Centre (DIFC), a key financial hub that connects the Middle East, Africa, and South Asia (MEASA) region.
Strengthening Regional Ties
Africa Specialty Risks has been active in the Middle East market since February 2022, and the establishment of ASR Middle East aims to fortify these ties. The group has been instrumental in de-risking projects and assets worth USD 23 billion across 14 countries in the Middle East and 49 African countries since it began underwriting in February 2021. The new office will enable ASR to offer a comprehensive suite of corporate and specialty covers, thereby supporting corporates and investors in the region more effectively.
Leadership and Vision
The Middle East expansion is spearheaded by Zouheb Azam, Head of Political Violence and Terrorism at ASR, who will also take on the role of Senior Executive Officer for ASR Middle East. Azam, who has 15 years of experience in both African and Middle Eastern markets, brings valuable expertise from his previous roles at Gras Savoye, Willis Towers Watson, and AXA. Commenting on the new office, Azam stated, “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.”
Enhancing Capabilities and Services
ASR Middle East will significantly bolster the company’s African portfolio and facilitate the expansion of its Middle Eastern business. This strategic move follows the regulatory approval received from the Dubai Financial Services Authority (DFSA) in December 2023. The Dubai office will add to ASR’s network of offices in London, Mauritius, Bermuda, and Morocco, enhancing its ability to facilitate and de-risk inter-regional trade between Africa and the Middle East.
Looking Ahead
Mikir Shah, CEO of Africa Specialty Risks, expressed his excitement about the new office, stating, “I am delighted that our new ASR Middle East office in Dubai is now open.” Shah highlighted that establishing a presence in Dubai is a natural progression for the company, enabling it to grow in the region and enhance its capacity to support inter-regional trade. This expansion marks a significant step in ASR’s journey to becoming a leading player in the global reinsurance market, with a strong focus on emerging markets.
The opening of ASR Middle East represents a crucial development in Africa Specialty Risks’ strategy to expand its footprint and enhance its service offerings in the Middle East and Africa. By establishing a presence in the DIFC, ASR is well-positioned to leverage the region’s dynamic financial ecosystem and strengthen its role in de-risking and facilitating trade between the GCC and Africa.
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