Africa Specialty Risks launches parametric unit with Ismail & Bishop hires

Africa Specialty Risks, a pan-African focused reinsurance group, has announced the launch of a new parametric underwriting division with two key hires joining the company from recent roles at QOMPLX:UNDERWRITING.

Dr Raveem Ismail has joined Africa Specialty Risks (ASR) as its Head of Parametric Underwriting and Ian Bishop has joined the company as Parametric Product Manager.

Both had most recently worked at UK managing general agent (MGA) QOMPLX:UNDERWRITING, and have specific expertise in parametric risk transfer, insurance and reinsurance product development and underwriting.

Mikir Shah, CEO of ASR, commented on the news, “The establishment of the parametric division demonstrates our commitment to de-risking investment and increasing resilience across the African continent. Our vision is to unlock greater and more streamlined protections for insureds, ensuring that inward investment in Africa continues to boost economic activity and growth on the continent, via the integration of innovative, technological solutions.

“Providing this sort of coverage is even more important in today’s market following the substantial impact of the global pandemic. We welcome Raveem and Ian as they develop our parametric insurance products.”

ASR aims to leverage technology to construct precise coverage through parametric triggers, developing responsive structures that closely reflect clients experience of risk and offering rapid payouts.

Raveem Ismail, Head of Parametric Underwriting, added, “The digital revolution across Africa has provided much needed coverage for customers who would otherwise be cut off from obtaining necessary financial services and protection.

“Our parametric insurance solutions at ASR will aim to cover risk that would otherwise be excluded in conventional insurance products – expanding the scope of insurability, eliminating complexity and giving our customers confidence.”

Ismail has more than a decade of experience in risk analysis, modelling and underwriting.

Before joining ASR, he was Chief Underwriting Officer and General Manager at QOMPLX:UNDERWRITING, where he launched the first multi-peril parametric insurance cyber and terrorism product, tailored for small to medium-sized enterprises and backed by Chaucer.

Bishop is an experienced consultant who has specialised in technology and innovation in the insurance and financial services sectors.

Over the past decade he has held roles at Deloitte Consulting and QOMPLX:UNDERWRITING, where he worked alongside Ismail as Chief Operating Officer. Bishop will be responsible for co-ordinating and managing the development of ASR’s parametric product development and working with underwriters across the group.