Helios Investment Partners has agreed to sell its majority stake in re/insurer Africa Specialty Risks (ASR) to Vitruvian Partners.
The companies did not disclose the purchase price and the transaction is expected to close later this year, subject to regulatory approvals.
London-based Vitruvian Partners is a global private equity firm that has invested across multiple sectors, including firms such as Just Eat, Skyscanner and Trustpilot.
Helios, an Africa-focused private investment firm, has backed ASR since its launch in 2020 by Mikir Shah, the former chief executive of AXA Africa Specialty Risks, and Bryan Howett, who was previously CEO for Old Mutual’s pan-African reinsurance operations.
Set up to expand the provision of specialty insurance and reinsurance capacity across Africa, ASR unveiled “the only dedicated Africa-focused syndicate” in operation at Lloyd’s in 2024.
The firm said it had “doubled its premium base each year” and “de-risked over US$60bn of risks” in more than 90 countries in developing markets.
It has also set up skills transfer initiatives that allow domestic insurers to “participate more effectively in managing risk originating within their own markets”.
In 2024, ASR said it underwrote 63 energy projects that improved access to electricity for more than 8.5 million people across developing markets.
Shah, chief executive officer at ASR, said: “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 the Commonwealth of Independent States.
“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.”
Jamie Hollins, partner at Helios, added: “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.
“By providing sophisticated risk solutions, ASR is helping to reshape perceptions of risk on the continent and unlock greater levels of long-term investment.”
