African specialist underwriting agency, Neema Insurance Managing Agency, in collaboration with ASR Re, has launched a new Political Violence Terrorism (PVT) reinsurance solution, according to a Reuters report.
This new product is aimed at African small and medium enterprises (SMEs). ASR Re will provide Neema with the capacity to underwrite SME business on their behalf in some African territories.
Sharon Ng, principal officer of Neema, which is licensed in Mauritius, said: “As part of its objectives for 2022, Neema wants to offer customised reinsurance solutions to all types of businesses in Africa. The launch of this PVT product is a direct result of the significant demand we have received coming from small and medium enterprises.”
She continued: “The Neema team has worked with clients across Africa on this line of business. These include large multi-nationals to small-to-medium-sized businesses.”
Zouheb Azam, head of political violence underwriting at ASR, said of the cooperation with Neema, “This opens the door to SME opportunity across Africa which should bring diversification to our current book. This also demonstrates our commitment to support local players despite the challenging time the PVT industry is facing.”