(AFRICA SPECIALITY RISKS) - Africa Specialty Risks (“ASR”), the pan-African focused reinsurance group, was a co-sponsor of the East African Tea Trade Association (“EATTA”) Breakfast held in Mombasa this morning. The event was jointly supported by Abimar Brokers (part of the Tea Insurance Africa Consortium) and MIC Global Risks (Insurance Brokers) Limited, Kenya.

The EATTA is a non-profit organisation dedicated to promoting the interests of the tea trade in East Africa. The Association boasts over 250 company members, facilitating collaborations and fostering a vibrant tea trade ecosystem.

The EATTA Breakfast event provided a platform for industry professionals to exchange knowledge, explore market trends, and foster mutually beneficial partnerships. Insurance plays a critical role in supporting the tea market, ensuring stability and safeguarding stakeholders from potential risks. These solutions address the unique needs of the tea industry, providing comprehensive protection and enabling sustainable growth. 

Kenya is the largest exporter of black tea in the world and in 2021 the country produced approximately 500,000 metric tons, accounting for about 9% of global tea production, ahead of China and Sri Lanka. The tea industry plays a crucial role in Kenya's economy and is a major source of employment and income for millions of people, directly supporting 650,000 growers and approximately 5 million people indirectly. Tea exports contribute significantly to foreign exchange earnings for the country at around 4% of the GDP or K.sh 120 Billion (GBP £700 million). 

The co-sponsorship of this event underscores ASR’s commitment to supporting African exports bilaterally as well as under the Continental Free Trade Agreement in the future.

Hosting the event on behalf of ASR, Genevieve Ahinful, Head of Political Risk Insurance, commented: "ASR is pleased to have co-sponsored the East African Tea Trade Association Breakfast. Insurance plays a vital role in mitigating risks and ensuring the longevity of the tea industry in East Africa. We are proud to offer comprehensive insurance solutions that align perfectly with the value chain of all of the stakeholders active in the tea industry, benefiting everyone involved, from the farmers, buyers to the distributors."

Jonathon Lane at Abimar Brokers, remarked: “We are pleased to have joined forces with Africa Specialty Risks and MIC Global Risks in our role as a partner in the Tea Insurance Africa Consortium. We are delighted to support the beneficial expansion of the suite of (re)insurance products offered to the tea industry in East Africa beyond our core Cargo and Marine covers.”

Giles Russell at Tea Insurance Africa, commented. “Having established a strong working relationship with the EATTA, we are looking forward to working with ASR to develop mutually beneficial products for the East Africa tea industry, utilising our many years’ experience in this sector. 

David Karimi, General Manager and Tam Makimei, Branch Manager-Mombasa at MIC Global Risks  (Insurance Brokers) Limited, Kenya commented: “We are pleased to be partnering with ASR and Tea Insurance Africa in providing innovative solutions to the Tea Industry. This partnership underscores MIC’s position as one of the leading insurance brokers in the East African Region”

Brian Ngwiri at East African Tea Trade Association, commented: “The association was created to promote the best interest of Tea Trade in Africa. This initiative by MIC, Tea Insurance Africa and ASR is very commendable and we look forward to our members reaping the benefit.” 

About ASR

Africa Specialty Risks (ASR) provides comprehensive risk transfer solutions through high quality underwriting to local and global customers across the African continent, giving them the confidence to grow their businesses sustainably.

ASR works proactively with local regulators to develop skills and provide training to local underwriters. Environmental, social, and governance considerations are central to ASR’s values, particularly in relation to local capacity building.

ASR is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets.

Africa Specialty Risks Ltd. is an Appointed Representative of Crispin Speers & Partners Ltd. We operate as a Managing General Agent sourcing world leading capacity for African insurance and reinsurance risk. We are a proud member of the MGA Association.

About Abimar Brokers

Abimar Brokers is a renowned insurance brokerage firm with specific expertise in the African insurance market based in London but with offices in Johannesburg, South Africa. With a strong network of local partners and a client-centric approach, Abimar Brokers provides effective specialist risk management and insurance solutions to businesses across the continent.

Abimar Brokers Limited is an Appointed Representative of ES Risks Limited which is authorised and regulated by the Financial Conduct Authority.

About Tea Insurance Africa

Tea Insurance Africa is a Consortium of Industry professionals with over 40 years’ experience in Africa. We bring together our local knowledge of the Tea Industry with leading global insurance capacity.

About MIC Global Risk (Insurance Brokers) Limited, Kenya

MIC Global Risk is a trusted insurance provider specialising in risk management and insurance solutions on a global scale. With extensive experience, presence in Kenya, Tanzania and Uganda, and a diverse range of products, MIC offers comprehensive coverage to various industries, including the tea market in East Africa.

About the East African Tea Trade Association

The East African Tea Trade Association is a non-profit organization established in 1957, dedicated to promoting the best interests of the tea trade in Africa. It brings together tea producers, buyers (exporters), brokers, tea packers, and warehouses, fostering collaboration and advancement of the tea industry across East Africa.