Africa Specialty Risks (ASR), the developing-markets-focused re/insurance group, has launched Syndicate 2454 in South Africa to underwrite insurance and reinsurance risks across the country and neighbouring markets from its base in Sandton.
At the time, it was announced that the Lloyd’s syndicate, managed by Apollo, would initially focus on underwriting ASR’s existing lines of business, including Political Risk & Trade Credit, Political Violence and Terrorism, Parametric, Energy, Property, Construction, Liability and Treaty.
Now, ASR has made significant underwriting hires in South Africa, with additional executives and underwriters set to join the company throughout 2026.
Notably, Xolisa Bangeni joins ASR as Captives Manager, with a background in finance and risk management. Bangeni will be responsible for the development and structuring of captive programs on behalf of large corporations.
Xolile Kahla has also recently joined ASR as a Construction Underwriter, bringing significant engineering and construction experience across Southern Africa from previous roles at Munich Re and Zurich.
These two now join Corinne Beadsmoore, Head of Business Development in ASR Southern Africa, in providing Lloyd’s capacity directly to local intermediaries and working with South African insurers.
Mikir Shah, Chief Executive Officer, ASR, commented, “South Africa has always been and remains a key market for us, and this launch allows us to write risks directly in the market, ensuring we’re close to our customers while offering AA-rated global capacity.
“Given South Africa’s recent sovereign S&P upgrade, along with a successful hosting of the G20, this is an excellent time for the continent, and I look forward to ASR supporting economic development in South Africa.”
Antony Phillipson, British High Commissioner to South Africa, said, “This initiative underlines the strong and growing partnership between the UK and South Africa in financial services.
“By bringing Lloyd’s capacity closer to local markets, ASR is helping businesses manage risk and unlock opportunities, reinforcing South Africa’s position as a hub for innovation and resilience”
Amit Khilosia, Chief Distribution Officer, ASR, added, “This is a significant and unique distribution hub for ASR. We’ve been working with brokers and cedents in South Africa since the launch of ASR, providing bespoke solutions to the market.
“Our Lloyd’s syndicate 2454 will be the first of its kind to establish underwriting capability on the ground outside the UK allowing us to increase the depth of our offering, including providing partners with (co)insurance solutions direct to the Lloyd’s Open Market Correspondents [OMC] network and insurers in the country. I look forward to expanding our offering in South Africa and neighbouring countries.”
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