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Helios Investment Partners has completed the sale of Africa Specialty Risks (ASR) to Vitruvian Partners following regulatory approvals and the satisfaction of other closing conditions.
Helios announced the transaction on September 28, 2026, saying the deal marks the end of its investment in ASR, which it founded in 2020 with insurance industry specialist Mikir Shah.
ASR was established to expand specialty insurance and reinsurance capacity across Africa and provide risk-mitigation solutions for infrastructure and development projects.
According to Helios, ASR has recorded rapid growth since its launch, doubling its premium base annually and de-risking more than $60 billion of risks across over 90 developing-market countries.
The company provides insurance policies in all 54 African countries, as well as countries in the Middle East, selected Commonwealth of Independent States (CIS), the Indian subcontinent and Southeast Asia. Helios Press Release – ASR Exit .docx.pdf
ASR currently operates the only dedicated Africa-focused syndicate at Lloyd’s, ASR Syndicate 2454, alongside reinsurance operations in Bermuda and Mauritius.
Helios said ASR has also contributed to the development of local insurance expertise through skills-transfer initiatives designed to help domestic insurers participate more effectively in managing risks within their markets.
In 2024 alone, ASR’s natural disaster programmes provided protection to about 15 million people, while the company underwrote 63 energy projects that supported improved access to electricity for more than 8.5 million people across developing markets.
Jamie Hollins, Partner at Helios Investment Partners, said the investment firm was proud of what ASR had built since 2020.
He said Vitruvian was well positioned to support the company’s next phase of international expansion and continued innovation.
ASR Chief Executive Officer, Mikir Shah, said the company had grown from writing its first policy in February 2021 to providing insurance coverage across all 54 African countries and several other developing-market regions.
Helios, established in 2004, is an Africa-focused private investment firm with operations in London, Paris, Lagos and Nairobi.
