Mikir Shah, chief executive officer of Africa Specialty Risks, said: “I am delighted that our new ASR Middle East office in Dubai is now open. Establishing a presence in Dubai is a natural next step for us as we continue to grow in the region and strengthen our ability to facilitate and de-risk the inter-regional trade between Africa and the Middle East.”

Salmaan Jaffery, chief business development officer, DIFC Authority, said: “We welcome ASR Middle East to DIFC, which is now the deepest reinsurance market between London and Singapore. As Dubai continues to rise as a global hub for insurance and reinsurance, this strategic move positions the firm perfectly for expansion and enhanced service delivery for clients across key growth markets.”

ASR began underwriting in February 2021 and has since been de-risking $23bn worth of projects and assets, as well as written business across 14 countries in the Middle East and 49 African countries.

The firm’s Middle East expansion is led by Zouheb Azam, head of political violence & terrorism of Africa Specialty Risks, who is also to take on the role of senior executive officer, ASR Middle East.

He said: “The opening of our new office in DIFC represents an exciting next phase of growth. It positions us at the global cross-roads for financial and insurance services and will allow ASR to deepen relationships with brokers, re- insurers and businesses in the region. Our Dubai office will complement our existing operations and the progress we have made across Africa in developing bespoke and comprehensive risk mitigating solutions for developing markets.”

Born in France, Azam has 15 years’ experience of both Africa and the Middle East as a broker and underwriter and possesses a wealth of longstanding experience relationships within the region. Prior to joining ASR, Zouheb has gained Middle Eastern and industry experience with Gras Savoye, Willis Tower Watson and AXA.

ASR Middle East will be providing a comprehensive suite of corporate and specialty covers across all nine of its business lines, supporting corporates and investors operating in the region.

The Dubai office is set to add to ASR’s already established network of premises in London, Mauritius, Bermuda and Morocco, and enables enhanced customer service and collaboration with business partners globally. The launch of DIFC office will also strengthen ASR’s African portfolio and facilitate expansion of its Middle Eastern book of business.

The opening follows ASR receiving regulatory approval from the Dubai Financial Service Authority (DFSA), the independent regulator of financial services conducted in or from DIFC, in December 2023.

In a statement on 11 April, the UK consultancy said the acquisition deepens and broadens the suite of credit risk and analytics services that Broadstone offers and adds some key lenders and investors to its customer-base.

Vestigo has analysed and reviewed over £50bn of assets, valuing over 150 portfolios across the UK, Europe, Asia and Africa and has a combined 60+ years of credit risk experience across its management team.

The analytics and credit risk firm primarily provides credit risk, modelling and analytics services to lenders and financial investors, from large household names to non-traditional and specialist lenders.

It also provides a range of bespoke commercial analytics and financial modelling services to ensure data-driven decisions and actionable insight for business stakeholders.

The statement further said the Vestigo team will strengthen Broadstone’s Insurance, Regulatory and Risk Advisory division, established after the acquisition of OAC Ltd in 2023.

Tony Gusmao (pictured), chief executive officer of Broadstone, said: “Vestigo Partners Limited has proven credentials in the credit risk market. The dynamic approach of its high-quality and experienced team aligns with Broadstone’s objective of diversifying into new, but entirely complementary, advisory segments of the market.

“We employ very talented people across the Group and these new segments provide an excellent opportunity for diverse and rewarding careers, not to mention a broader skill set we can call upon for our clients.”

Richard Pinch, partner at Vestigo, said: “Broadstone’s ambitions, dedication to quality and service as well as its broad capabilities make this partnership a powerful fit. I am delighted to join Broadstone as we continue to provide a market-leading service to all of our clients and achieve our growth ambitions.”

Edward James, an expert in global investigations at Pinsent Masons made the comments after the Judicial Matters Amendment Act was signed into law on 3 April.

The introduction of a new offence of failing to prevent corruption activities, under the Prevention and Combatting of Corrupt Activities Act 2004 (PRECCA), is arguably the most notable change delivered by the new legislation, he said.

The change was prompted by recommendations made by the Zondo Commission, a judge-led inquiry that found there had been ‘state capture’ in South Africa during the period of Jacob Zuma’s presidency. The introduction of the new offence is aimed at making it easier for the state to prosecute companies for corruption, supplementing the existing powers of the state to raise such prosecutions under the Criminal Procedure Act.

James said the major change with the new offence is it introduces a strict liability regime for wrongdoing by associated persons – save where companies can satisfy an ‘adequate procedures’ defence.

Under the new offence, any member of a private sector or incorporated state-owned entity is guilty of an offence if a person associated with them gives or agrees, or offers to give, any “gratification” prohibited under Chapter 2 of PRECCA to another person, intending to obtain or retain business or an advantage for the company concerned.

Examples of gratification include money, gifts, property, jobs or the forgiveness of debts. The definition is very wide and includes any benefit of any kind. Chapter 2 of PRECCA sets out a series of offences that all involve inappropriate giving, offering, accepting or receiving of gratification. These offences remain stand-alone offences.

The new offence is somewhat duplicative in that it requires an offence under Chapter 2 of PRECCA to be committed and it also requires the new elements of obtaining or retaining business or another advantage.

The new law will only apply to current, ongoing and future acts of corruption. Historical corruption can, however, still be prosecuted under the Criminal Procedure Act.

However, included with the new offence is the introduction of a clear defence that does not exist under the current corporate criminal liability laws in the Criminal Procedure Act.

In this regard, companies that can show they implemented “adequate procedures” to prevent people from bribing or other forms of corruption can raise this as an absolute defence against liability under the new law.

“Whilst I am delighted that the recommendation of the Zondo Commission has finally made its way into the law, for the change to be meaningful the South African state will need to overcome an acute credibility gap,” Edward James said. “There has not been a single high profile corruption conviction of the key actors implicated in state capture. If the state does not change this and show it is willing and able to hold people accountable, it runs the risk of the new law being ignored by companies that may see it as a paper law with no real teeth.”

“CEOs, general counsel and compliance heads should, however, not take the chance of missing the benefit of implementing adequate procedures. This will give companies a clear defense if they come into the crosshairs of the authorities for something done by an associated person. Companies that don’t know what to do and that have not yet implemented adequate corruption controls should seek professional advice and support,” James said.

James, who previously called for the introduction of a new corporate offence of failure to prevent bribery in South Africa, said the new offence that has been introduced largely mirrors the ‘failure to prevent’ bribery offence that exists under section 7 of the UK Bribery Act.

“There is currently no guidance on what will be considered ‘adequate procedures’,” James said. “We recommend that until this is clarified, companies look at guidance from developed systems like the UK and adopt controls in line with the six principles recommended by the Ministry of Justice.”