A new specialty insurance platform targeting Africa’s estimated US$8 billion specialty insurance and reinsurance market has launched in Mauritius following regulatory approval from the Financial Services Commission (FSC).
The FSC approved the acquisition of Rokstone Underwriting Mauritius by TRM Holdings, with the rebranded entity now operating as Nemesis Specialty Underwriting Ltd.
The platform will operate as a managing general agent (MGA), offering what the company describes as fully secured submit-and-bind capacity across multiple specialty lines, backed by A-rated capacity from London market insurers and reinsurers. Nemesis said it has already secured its initial underwriting capacity, enabling it to commence operations immediately.
TRM Holdings, a pan-African insurance and risk management consultancy, was founded in 2016 by Hugo Hill and James Hill. The company said the acquisition strengthens its underwriting presence on the continent and builds on the foundations established by Rokstone Underwriting Mauritius.
James Hill, director and chief underwriting officer of Nemesis Specialty, said the rebrand signals a new direction for the business.
“The acquisition of Rokstone Underwriting Mauritius is a critical step in our growth strategy and demonstrates our continued commitment to Africa,” Hill said. “We will operate to the highest regulatory and governance standards. Rebranding as Nemesis represents a new chapter – one that builds on Rokstone’s established foundations while positioning the business for sustainable long-term growth.”
Hugo Hill, director and chief distribution officer, described the platform as a response to a persistent gap in access to specialty insurance across the continent.
“This transition allows us to sharpen our strategic focus and provide additional specialty underwriting capacity to Africa’s underserved insurance market,” Hill said. “Despite strong growth, African insureds often face limited choice. Nemesis will be a pure-play African specialty MGA, with the ambition to become the go-to capacity provider for specialty brokers seeking the strongest paper available on the continent.”
The launch comes as Africa’s broader insurance market continues its upward trajectory. The continent’s insurance sector reached US$98.5 billion in 2025, with analysts at IMARC Group projecting growth to US$166.1 billion by 2034 at a compound annual growth rate of 5.79%. Despite this momentum, penetration remains thin. According to FSD Africa, insurance accounts for only 3% of the continent’s GDP, less than half the global average of 7%.
Nemesis will continue to be headquartered in Mauritius, which the company cited for its regulatory environment and growing profile as an international insurance hub. The company added it is in advanced discussions with a strategic trade investor to support the next phase of its growth.
