Africa Speciality Risks (ASR), a London-based risk mitigation insurance company has opened an office in Mauritius in view of exploring both the local and regional market. ASR intends to grow rapidly on the African mainland by establishing business development hubs in six countries, namely: Cote d’Ivoire, Egypt, Morocco, Nigeria, South Africa and Kenya.
Krishna Bheenick who has been chosen as Managing Director to lead ASR expansion plans in Mauritius told Matinal that the ASR Management is confident that the Mauritius office will play a key role in the company’s plans to further penetrate the continental market.
ASR is backed by Helios Investment Partners Fund IV and operates as a Managing General Agent. It has a world-leading capacity to mitigate insurance and reinsurance risks. The services that it offers will be instrumental in reducing the high-risk perception of Mauritian businesses with regard to trade with Africa. The risk perception has been identified as a major barrier to regional economic integration in the recent World Bank Country Economic Memorandum.
Mauritius can indeed be pivotal for ASR as most of the large local companies have started on their African journey nearly a decade ago. Over 115 Mauritian companies have opened branches in Africa so far. Outward investment to Africa between 2015 and 2020 totaled Rs 11 billion. Domestic exports to Africa, despite the pandemic, reached an all-time high in 2020, amounting to Rs. 12 billion. Exports of goods to Africa now represent 28% of Mauritian exports.
ASR has over 30 employees currently in the UK and in Mauritius and intends to recruit professionals with experience in administration, compliance, and financial services in Mauritius.
