Helios Investment Partners, a leading Africa-focused private investment firm, has successfully sold Africa Specialty Risks to Vitruvian Partners. The sale was completed after receiving regulatory approvals and satisfying other customary closing conditions. Africa Specialty Risks was founded in 2020 by Helios and industry specialist Mikir Shah to expand specialty insurance and reinsurance capacity across Africa.
Africa Specialty Risks addresses a significant gap in risk mitigation solutions, helping to unlock capital for critical infrastructure and development projects across the continent. The company has doubled its premium base each year since its inception and has de-risked over $60 billion of risks throughout over 90 countries in developing markets. Africa Specialty Risks provides policies in all 54 African countries, the Middle East, select CIS states, the Indian subcontinent, and South East Asia.
Africa Specialty Risks is a leading developing markets-focused reinsurance platform with access to global A-rated capacity. The company operates the only dedicated Africa-focused syndicate at Lloyd’s, alongside reinsurers in Bermuda and Mauritius. Its partnership-driven model has enabled profitable growth and rapid expansion. Africa Specialty Risks has played an important role in developing local underwriting expertise through structured skills transfer initiatives.
These initiatives have enabled domestic insurers to participate more effectively in managing risk originating within their own markets. This contributes to the long-term resilience and sustainability of Africa’s insurance ecosystem. In 2024 alone, Africa Specialty Risks’ natural disaster programmes provided protection to approximately 15 million people. The company underwrote 63 energy projects, supporting improved access to electricity for more than 8.5 million people across developing markets.
Jamie Hollins, partner at Helios Investment Partners, expressed pride in what the Africa Specialty Risks team has built. He believes Vitruvian is well-positioned to support Africa Specialty Risks’ next phase of international expansion and continued innovation for clients across developing markets. Hollins highlighted Helios’ approach of backing exceptional entrepreneurs to build category-defining businesses.
Mikir Shah, chief executive officer at Africa Specialty Risks, is proud of what the company has accomplished since its launch in 2020. Shah expressed gratitude to Helios for backing the vision, supporting growth, and providing guidance. Africa Specialty Risks has provided policies across all 54 African countries and throughout Asia, the Middle East, and CIS.
The sale of Africa Specialty Risks to Vitruvian Partners marks a significant milestone for Helios Investment Partners. The deal demonstrates Helios’ strategy of partnering with exceptional entrepreneurs to build scalable, market-leading platforms. The transaction is expected to support Africa Specialty Risks’ continued growth and innovation in the insurance and reinsurance sector.
Key points
- Helios Investment Partners sells Africa Specialty Risks to Vitruvian Partners after receiving regulatory approvals.
- Africa Specialty Risks has de-risked over $60 billion of risks throughout over 90 countries in developing markets.
- The company has played an important role in developing local underwriting expertise through structured skills transfer initiatives.
