Africa Specialty Risks, the pan-African focused insurance and reinsurance group with an operation in Bermuda, has been granted approval in principle from the Dubai Financial Service Authority to register as a company.

The group said this development marks another important milestone for ASR, setting the stage for the incorporation of a new entity, ASR Middle East.

It said the ultimate goal is to establish ASR’s presence with an office in the Dubai International Financial Centre.

ASR began underwriting in February 2021, with the specific aim of increasing insurance penetration into Africa and encouraging much needed investment to the continent.

Since its launch, the group said, it has been involved in de-risking $16.9 billion of projects and assets across Africa in 49 countries.

In 2022, ASR started writing business in the Middle East, a move motivated by the strong linkages between the African and Middle Eastern markets.

It has thus far written business in the region across five product lines — political violence and terrorism, energy, property, construction and liability.

The company said: “Dubai is a commercial hub for both the Middle East and the world, and the opening of an office in the emirate is a natural progression for ASR after beginning to write business in the region.

“ASR is already actively providing support to Middle Eastern companies engaged in business activities across Africa.”

Mikir Shah, CEO of ASR, said: “The opportunity to open an office in the DIFC is an important moment for ASR ‘s continuing growth trajectory.

“The expansion represents a sustained effort to leverage and contribute to the economic and risk management landscape in both Africa and the Middle East.

“Dubai’s status as a major economic and trade centre provides a key location for business activities in the Middle East and a gateway to diverse markets, including Africa.

“This allows ASR to meet the growing demand from our existing clients and establish new relationships in the region.”

ASR Re Ltd is a Class 3A insurer licensed and regulated by the Bermuda Monetary Authority.