Helios Investment Partners has agreed to sell its majority stake in Africa Specialty Risks (ASR) to Vitruvian Partners, marking the next stage in the development of the specialty insurance and reinsurance platform focused on Africa and other emerging markets.

Founded in 2020 by Mikir Shah and his team in partnership with Helios, ASR was established to expand specialty insurance and reinsurance capacity across Africa, addressing a shortage of risk mitigation solutions that can support investment and infrastructure development.

Since its launch, ASR has grown into a reinsurance platform operating across developing markets, with access to global A-rated insurance capacity. The company operates ASR Syndicate 2454 at Lloyd’s and maintains reinsurance operations in Bermuda and Mauritius.

ASR has expanded its presence beyond Africa, providing coverage across the Middle East, selected Commonwealth of Independent States (CIS) countries, the Indian subcontinent and Southeast Asia.

The company said it has underwritten more than $60 billion of risks across over 90 countries and has issued policies in all 54 African nations.

Helios said the investment reflects its strategy of partnering with entrepreneurs to build scalable businesses serving underserved sectors of the African economy.

“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,” said Jamie Hollins, Partner at Helios Investment Partners.

“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.”

Hollins said Vitruvian is well positioned to support the company’s next phase of growth.

“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,” he said.

Beyond its commercial growth, ASR has worked with local insurers to develop underwriting capabilities through skills transfer initiatives aimed at strengthening domestic insurance markets.

The company said its natural disaster insurance programmes provided protection to approximately 15 million people during 2024. In the same year, it underwrote 63 energy projects that supported 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 of Africa Specialty Risks.

“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 countries 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,” Shah said.

The transaction is expected to close later this year, subject to regulatory approvals and customary closing conditions.