Africa Specialty Risks: creation of a parametric division

Africa Specialty Risks (ASR), the reinsurance manager (MGA), has created a parametric underwriting division.

The new department named "ASR Parametric", relies on a technological trigger to provide insurance products. The trigger also allows a rapid claim settlement.

Raveem Ismail, formerly chief underwriting officer and general manager of QOMPLX: UNDERWRITING, a U.K.-based MGA, has been appointed head of parametric underwriting. Ian Bishop, a management expert, is to act as parametric product manager of the new division.

Africa Specialty Risks was founded in September 2020 by the private company Helios Investment Partners, in partnership with Mikir Shah, former CEO of AXA Africa Specialty Risks, and Bryan Howett, former CEO of Old Mutual's pan-African reinsurance operations.