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Africa Specialty Risks (ASR), the pan-African and Middle East focused reinsurance group, is opening an office in Dubai, its first in the Middle East, to be located within the Dubai International Financial Centre (DIFC).
‘ASR Middle East’, will be providing a comprehensive suite of corporate and specialty covers across all nine of its business lines, supporting corporates and investors operating in the region
The launch of the new office is to solidify ASR’s ties in the Emirate and the wider region, where the Group has been writing business since February 2022, ASR stated.
It is also expected to strengthen the firm’s African portfolio and facilitate expansion of its Middle Eastern book of business.
Mikir Shah, Chief Executive Officer of Africa Specialty Risks, said: “I am delighted that our new ASR Middle East office in Dubai is now open. 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.”
Salmaan Jaffery, Chief Business Development Officer, DIFC Authority, added: “We welcome ASR Middle East to DIFC, which is now the deepest reinsurance market between London and Singapore.
“As Dubai continues to rise as a global hub for insurance and reinsurance, this strategic move positions the firm perfectly for expansion and enhanced service delivery for clients across key growth markets.”
The team will be led by Zouheb Azam, Head of Political Violence & Terrorism of Africa Specialty Risks, who is also to take on the role of Senior Executive Officer, ASR Middle East.
The executive has 15 years of experience of both Africa and the Middle East as a broker and underwriter, and possesses a wealth of longstanding experience relationships within the region.
Prior to joining ASR, Zouheb was part of Gras Savoye, Willis Tower Watson and AXA, where he gained Middle Eastern and industry experience.
He commented: “The opening of our new office in DIFC represents an exciting next phase of growth. It positions us at the global cross-roads for financial and insurance services and will allow ASR to deepen relationships with brokers, re- insurers 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.”
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