Helios exits Africa Specialty Risks
Helios has agreed to sell its majority stake in Africa Specialty Risks to Vitruvian Partners.
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Helios Investment Partners, an Africa-focused private investment firm, has agreed to sell its majority stake in Africa Specialty Risks (ASR) to Vitruvian Partners.
Vitruvian Partners is a global private equity firm, focusing on growth buyout and growth capital investments.
Founded in 2020 by industry specialist Mikir Shah and his team in partnership with Helios, ASR was established to expand specialty insurance and reinsurance capacity across Africa. ASR addresses a significant gap in risk mitigation solutions, helping unlock capital for critical infrastructure and development projects across the continent.
Since inception, ASR has doubled its premium base annually, de-risking more than $60 billion in exposure across 90 developing markets. The firm now provides policies across all 54 African nations, the entire Middle East, select CIS states, the Indian subcontinent, and South East Asia.
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. 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.”
Mikir Shah, chief executive officer at ASR, said: “I’m proud of what ASR has accomplished since we launched the business in 2020. 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.”
The transaction is expected to close later this year, subject to regulatory approvals and other customary closing conditions.
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