Helios Investment Partners sells Africa Specialty Risks

Helios Investment Partners announced the sale of Africa Specialty Risks (ASR) to Vitruvian Partners, following necessary regulatory approvals and customary closing conditions. ASR, founded in 2020 by Helios and Mikir Shah, aimed to enhance specialty insurance and reinsurance across Africa.

The company has expanded its operations to cover all 54 African countries, the Middle East, select Commonwealth of Independent States, the Indian subcontinent, and Southeast Asia. Since its inception, ASR has doubled its premium base annually and managed over $60 billion in risks across more than 90 countries.

ASR operates ASR Syndicate 2454 at Lloyd’s, the only Africa-focused syndicate, and has initiatives to strengthen local insurance capacity. In 2024, ASR’s natural disaster programs protected around 15 million people, and it underwrote 63 energy projects benefiting over 8.5 million people.

Jamie Hollins from Helios stated that ASR exemplifies their strategy of partnering with entrepreneurs, while Mikir Shah noted significant growth since ASR's first policy in February 2021.