Africa Specialty Risks Secures Sava Re Capacity: A Strategic Move for African Insurance

In the ever-evolving landscape of global insurance, Africa Specialty Risks (ASR) has made a significant stride by securing Binding Authority Agreements with Sava Re, a leading Slovenian reinsurance group. This partnership is not just a financial transaction; it is a strategic move that could reshape the insurance landscape in Africa and the Middle East. The agreement, which provides up to $10 million in line size per agreement across all core ASR classes, is a testament to ASR's commitment to fulfilling unmet insurance needs and driving sustainable economic development in the region.

The partnership between ASR and Sava Re is a classic example of how strategic alliances can enhance risk management and capital deployment. Sava Re, with its "A"-level long-term financial strength ratings and positive outlook by S&P Global Ratings and stable outlook by AM Best, brings a strong financial backing to the table. This enables ASR to deploy leading capacity to developing markets, further supporting its mission of enabling sustainable economic development by fulfilling unmet insurance needs.



The Binding Authority Agreements with Sava Re provide ASR with several strategic advantages, particularly in terms of risk management and capital deployment. Firstly, the agreements grant Sava Re deeper access to risks originating from Africa, the Middle East, and developing markets. This allows ASR to further its mission of enabling sustainable economic development by fulfilling unmet insurance needs. As stated by Mikir Shah, CEO of ASR, "Sava Re is one of the strongest reinsurers in CEE with excellent risk and capital management, demonstrated by their financial strength ratings. Entering into this partnership gives us further access to leading capacity which we can deploy to developing markets." This partnership enhances ASR's ability to manage risks effectively by leveraging Sava Re's strong financial strength and risk management capabilities.

Secondly, the agreements provide up to $10 million in line size per agreement across all core ASR classes. This significant capacity allows ASR to deploy capital more efficiently and effectively, enabling it to underwrite larger and more complex risks. As Marko Jazbec, Chairman of the Management Board Sava Re, commented, "This agreement with ASR will enable us to increase our footprint in Africa, the Middle East and developing markets. ASR have a strong distribution network across these regions, and we can add geographic diversification to our portfolio, while knowing that we’re partnering with a diligent and leading underwriting-focused firm." This geographic diversification not only helps in managing risks but also allows ASR to expand its market presence and influence.

Additionally, the agreements support ASR's mission to drive sustainable economic development by addressing unmet insurance needs. By partnering with a strong reinsurer like Sava Re, ASR can offer more comprehensive and reliable insurance solutions to its clients, thereby fostering economic growth and stability in the regions it operates.

The partnership between ASR and Sava Re is a strategic move that could reshape the insurance landscape in Africa and the Middle East. It is a testament to ASR's commitment to fulfilling unmet insurance needs and driving sustainable economic development in the region. The Binding Authority Agreements with Sava Re provide ASR with several strategic advantages, particularly in terms of risk management and capital deployment. This partnership is not just a financial transaction; it is a strategic move that could reshape the insurance landscape in Africa and the Middle East. The world must choose: cooperation or collapse.