Africa Specialty Risks opens new Syndicate 2454 in South Africa

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Africa Specialty Risks (ASR) has launched a new insurance Syndicate 2454 in South Africa, operating from Sandton.

The new unit’s underwriters will handle both insurance and reinsurance risks across South Africa and neighbouring nations, focusing on specialty insurance lines.

In support of this expansion, ASR has bolstered its team in South Africa, with further appointments planned throughout 2026.

Xolisa Bangeni has joined as captives manager, bringing experience in finance and risk management. Bangeni is tasked with developing and structuring captive programmes for large corporates.

His previous roles include risk finance consulting at Marsh and managing portfolios and investments at Hollard.

Additionally, Xolile Kahla has taken up the position of construction underwriter and brings engineering and construction knowledge from previous roles at Munich Re and Zurich.

Together with Corinne Beadsmoore, who leads business development for ASR Southern Africa, these recent appointments are aimed at extending ASR’s reach by providing Lloyd’s capacity directly to local intermediaries and working in collaboration with South African insurers.

ASR CEO Mikir Shah said: “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 are 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.”

South Africa British High Commissioner Antony Phillipson commented: “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.”

"Africa Specialty Risks opens new Syndicate 2454 in South Africa " was originally created and published by Life Insurance International, a GlobalData owned brand.

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