AFRO-Asian Group, the insurance company that handled some large and complex reinsurance risks such as Zambia Consolidated Copper Mines copper marine transit reinsurance, has re-established its footprint in Zambia.
The company that jointly placed with Guy Carpenter, ZESCO’s Assets All Risks Reinsurance, TAZAMA Pipelines and others, was launched in Lusaka on Thursday.
“Zambia has a special place in my heart from the days when my late father, Rasik Patel, who was the founder and promoter of Afro-Asian in the UK, was posted to Lusaka in 1974 as the Managing Director of H. Clarkson (Zambia) Ltd., a subsidiary of H. Clarkson (Insurance Holdings) Ltd., Lloyd’s Brokers,” said Udai Patel, the Executive Chairman of Afro-Asian Group.
Mr Patel assured the audience during the launch that this marked Afro-Asian’s long-term commitment to the development and growth of the insurance sector in Zambia.
“Our group’s ethos has been to take our motto of “Simpler, Faster, Better” very seriously, and each of our group offices strives to deliver that quality of service to our clients,” he said, announcing that the Afro Asian Reinsurance Brokers Zambia office will be headed by Chipo Mwanza, who will continue the tradition with the full support of the Head Office in the United Kingdom and the other group offices around Africa.
He said through its in-house training resources, including its subsidiary, the London School of Insurance, Afro-Asian Group was able to offer training on various insurance and reinsurance subjects, both face-to-face and online.
“The London School of Insurance has already worked on some prestigious educational projects in Africa, including the Young Insurance Professionals Programme sponsored by Africa Re and creation of the SCR Academy offering courses in French,” Patel said.
He said the group’s specialist team in London can offer innovative structured treaty solutions and risk mitigation services to insurers and reinsurers in Zambia, wherein the local companies can retain the maximum share of domestic risks without compromising their solvency or risking exposure accumulation in the domestic market.
“Our special strengths in terms of product lines are political violence and terrorism, financial lines including D&O (Directors and Officers liability), E&O (Errors and Omissions), and BBB (Bankers Blanket Bond), casualty including cyber liability, aviation, and complex property risks,” Patel said.
He said as Lloyds’ brokers based in London, the Afro-Asian Group is well positioned to partner with its clients and group offices in Africa to access Lloyds of London and the London Company Markets where there is capacity for very large or special risks in Africa.
“We don’t promise the earth to clients, but we do promise to try our best to deliver risk solutions that fit our clients’ expectations. As a boutique broking group, whenever there is a problem or crisis, we offer our clients access to all levels of the organisation, including the top management,” Patel said.
By Benedict Tembo
Kalemba March 6, 2024
