AXA Africa Specialty Risks brings innovation and new skills to Mauritius as an insurance hub for Africa
AXA Group, a worldwide leader in insurance and asset management, launched an event in Mauritius for its new venture named AXA Africa Specialty Risks which is targeting the rapidly expanding market for African corporate and specialty insurance. This specialist market provides for instance insurance cover for political risks, for risks in energy projects and for risks in other large infrastructure projects such as transport, telecommunications, mining, major civil engineering works and building construction.
AXA is partnering with Chaucer, an insurance group which is part of the internationally renowned Lloyd’s of London underwriting market where members join together as syndicates to insure risks. AXA has created a subsidiary in Mauritius, a Coverholder, which will both process and issue all policies. The business will be generated by marketing hubs, in east, north, south and west Africa. The AXA/Chaucer partnership therefore brings to Mauritius strong expertise in underwriting, extensive partnership management experience and established relationships with corporate clients, banks and business producers.
At a reception to be held this evening at the Westin Turtle Bay Resort & Spa in Balaclava, senior representatives from AXA Africa Specialty Risks, Chaucer and Lloyd’s of London will explain the new venture to government officials, senior diplomats and leading representatives from the business and financial community, including insurance companies and brokers and major Mauritian companies.
Commenting upon the launch of the venture in Mauritius, Mikir Shah, Chief Executive Officer of AXA Africa Specialty Risks, said:
“We are firmly convinced that Mauritius has a key role to play as an insurance hub for Africa, as an emerging International Financial Centre, which is why we have chosen Mauritius as the Coverholder hub for our African operations. Africa represents only around $US8 billion of the global specialty insurance market, which is worth some $US150 billion, and we see potential for huge growth driven out of Mauritius.”
“We are already seeking to contribute to the expansion of the Mauritian insurance market by bringing innovation, new skills and expertise, with our locally recruited Mauritian staff having already received training in London and Paris. We consider that Mauritius has a well-educated workforce with a bilingual advantage and we intend to recruit further local staff over the months to come.”
“We are also very excited by the prospects of working closely with our partner Chaucer with its strategic and complementary expertise. With the combined strengths of AXA and Chaucer, we aim to enhance and diversify the insurance landscape in Mauritius by providing access to specialist expertise here on the ground. We look forward to sourcing business through local and global brokers, and we want investors, lenders and governments to understand the full range of products we can offer.”
About AXA Group:
The AXA Group is a worldwide leader in insurance and asset management, with 161,000 employees serving 103 million clients in 59 countries. AXA’s strategic objective in Africa is to build the leading pan-African insurance and reinsurance business. AXA Africa Specialty Risks will be an integral part of achieving that objective. AXA already has operations in the life insurance, non-life insurance and asset management sectors across the African continent with businesses in Nigeria, Morocco, Cameroon, Gabon, Ivory Coast, Senegal, Algeria, Egypt and Assistance services in Mauritius.
AXA Africa Specialty Risks is registered and domiciled in Mauritius and will act as an intermediary between clients in Africa and the Lloyd’s of London (“Lloyd’s”) market. Accordingly, AXA Africa Specialty Risks has been appointed as Coverholder to Lloyd’s and is authorised by Chaucer Syndicates Limited (“Chaucer”) to enter into contracts of insurance or reinsurance underwritten by members of Chaucer’s Lloyd’s Syndicate 1084.
AXA Africa Specialty Risks will focus on the main specialty lines of insurance (commercial property, construction, trade credit, political risk, political violence, onshore and offshore energy, mining, infrastructure, agriculture, terrorism, kidnap and ransom and aviation classes) with casualty coverages also offered.