- Helios Investment Partners has agreed to sell its majority stake in Africa Specialty Risk (ASR) to Vitruvian Partners, with the transaction expected to close by the end of 2026, subject to regulatory approval.
- Helios supported the creation of ASR in 2020 to expand specialty insurance and reinsurance capacity across Africa and other emerging markets.
- ASR says it has doubled its premium base annually since launch and underwrites more than $60 billion of risks in more than 90 countries.
Africa-focused private equity firm Helios Investment Partners announced on Tuesday, June 2 that it has agreed to sell its majority stake in Africa Specialty Risk (ASR), a specialty insurance and reinsurance platform operating in emerging markets.
British private equity firm Vitruvian Partners will acquire the stake and support the company's next phase of growth. The parties did not disclose financial terms of the transaction. The deal is expected to close by the end of 2026, subject to receipt of the necessary regulatory approvals.
The transaction marks Helios' exit from the investment it initiated in 2020 with Mikir Shah and his management team. Together the investors established ASR to strengthen specialized insurance and reinsurance capacity in Africa. Market participants continue to view those regions as underdeveloped, despite their importance in supporting large-scale infrastructure and development projects across the continent.
During its ownership period, Helios said it helped transform ASR into a leading player in the specialty insurance market. Since its launch, ASR said it has doubled its premium base every year and underwritten risks worth more than $60 billion in more than 90 countries.
“Since issuing our first insurance policy in February 2021, we have followed a growth path that now enables us to provide coverage in all 54 African countries, as well as Asia, the Middle East and the CIS region.” ASR Chief Executive Officer Mikir Shah said.
As demand for specialized risk solutions grew, the company expanded its footprint beyond Africa and developed operations in several emerging markets.
The ASR highlights its contribution to development financing in emerging economies. The company said its natural disaster protection programs covered about 15 million people in 2024. In the same year, ASR participated in the insurance coverage of 63 energy projects. The company estimates that those projects have improved access to electricity for more than 8.5 million people.
With the addition of Vitruvian Partners to its shareholder base, ASR plans to continue expanding into emerging markets and strengthening its portfolio of specialty insurance solutions. The transaction comes as Africa records one of the lowest insurance penetration rates globally, leaving significant room for growth in both insurance and reinsurance services.
ASR and its new shareholder aim to capitalize on that opportunity by increasing capacity and supporting investment activity in sectors that require sophisticated risk-transfer solutions.
Sandrine Genagne