MON SEPT 28 2026-theGBJournal| Africa-focused private investment firm Helios Investment Partners said on Monday it had completed the sale of reinsurance platform Africa Specialty Risks (ASR) to growth buyout firm Vitruvian Partners, following regulatory approvals.
Financial terms of the transaction were not disclosed.
Helios co-founded ASR in 2020 alongside industry veteran Mikir Shah to address a shortage of specialty insurance and risk mitigation capacity in developing markets.
Since its launch, ASR has doubled its premium base annually and de-risked more than $60 billion of commercial assets across more than 90 countries, including all 54 African nations as well as parts of the Middle East, Asia, and the CIS region.
The platform operates Lloyds Syndicate 2454—the market’s only dedicated Africa-focused syndicate—alongside underwriting hubs in Bermuda and Mauritius.
Jamie Hollins, Partner at Helios Investment Partners, said, backing exceptional entrepreneurs to build category-defining businesses is at the heart of Helios’ approach, and ASR is a standout example of that strategy in action following the deal.
”Since 2020, we have worked closely with Mikir and his team to establish ASR as a trusted partner in managing complex risks across Africa and other developing markets. By providing sophisticated risk solutions, ASR is helping to reshape perceptions of risk on the continent and unlock greater levels of long-term investment.
We are proud of what the ASR team has built and believe Vitruvian is well positioned to support ASR’s next phase of international expansion and continued innovation for clients across developing markets.”
Beyond its commercial success, ASR has played an important role in developing local underwriting expertise through structured skills transfer initiatives, enabling domestic insurers to participate more effectively in managing risk originating within their own markets.
This contributes to the long-term resilience and sustainability of Africa’s insurance ecosystem.
In 2024 alone, ASR’s natural disaster programmes provided protection to approximately 15 million people. During the same period, ASR underwrote 63 energy projects, supporting improved access to electricity for more than 8.5 million people across developing markets.
“I’m proud of what ASR has accomplished since we launched the business in 2020,” said Mikir Shah, Chief Executive Officer at ASR.
”From writing our very first policy in February 2021, we’ve been on a trajectory of growth where we’ve now provided policies across all 54 African counties and throughout Asia, the Middle East and CIS.
We’re grateful to all at Helios who have backed our vision, supported our growth and provided guidance as we’ve continued on our mission to enable sustainable economic development by fulfilling unmet insurance needs.”
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