Vitruvian Partners Completes Strategic Investment in ASR

Company and transaction overview

Vitruvian Partners (“Vitruvian”), a leading global growth-focused investment firm, has made a strategic investment in Africa Specialty Risks (“ASR”), the developing markets-focused (re)insurance platform

Founded in 2020, with its first policy issued in 2021, ASR operates Syndicate 2454, the only dedicated growth economy Syndicate at Lloyd’s, along with reinsurers in Bermuda and Mauritius

• Since inception, ASR has doubled its premium base annually, de-risked over $60bn of risks throughout over 90 countries in developing markets and is forecast to write approximately $0.5bn of Gross Written Premium in 2026
• The Group was founded by Mikir Shah (CEO)
• Since founding, ASR was majority owned by Helios Investment Partners, the largest Africa-focused private investment firm

Headquartered in London, alongside operating Lloyd’s Syndicate 2454, ASR has offices in Bermuda, Mauritius, Dubai, Morocco and South Africa, with new hubs in East and West Africa soon to open alongside offices in India, Asia and Latin America

• ASR provides global blue-chip capacity access to emerging market risks by leveraging its strong local presence across its core markets
• ASR primarily writes facultative reinsurance across property, casualty and specialty classes as well as direct insurance, especially in political risk and trade credit where it is a leader in de-risking investment into Africa
• ASR Re has financial strength ratings of A3 from Moody’s and A- from Fitch