Oak Reinsurance Gets Permission From Lloyd’s to Begin Underwriting in January
Oak Reinsurance (OAK Re), the London-based reinsurance company, announced that its Lloyd’s Syndicate 2843 has received permission to begin underwriting business incepting from Jan. 1, 2025. This follows the approval in principle that was received in September 2024.
OAK Re was founded by chief executive officer and active underwriter of OAK Syndicate 2843, Cathal Carr. OAK Re has built out its executive team to include Alex Winfield as chief capital officer & head of Strategy; Kirsten Mitchell-Wallace as chief risk officer; Irfan Haq as chief financial officer; Harriet James as chief operating officer, and Karl Stanley as chief technology officer.
The company is forecasting $300 million of gross written premiums for 2025.
OAK Re is launching Syndicate 2843 in collaboration with blue chip capital providers including Bain Capital and Hampden Agencies, the largest provider of private capital to Lloyd’s. Polo Managing Agency is providing turnkey services for Syndicate 2843.
OAK Re is entering Lloyd’s as the market is enhancing its reinsurance leadership position, the reinsurer said, noting that it will form a key part of this initiative, demonstrating how underwriting expertise, supported by the use of science and data-driven analytics, will benefit clients, investors and the wider market.
“OAK Re is the culmination of our vision to establish a leading global reinsurance franchise at Lloyd’s, driven by industry-leading talent, underpinned by cutting-edge risk insights, and backed by long-term investors,” commented Carr.
“We deeply appreciate the extensive support from the market in the creation of OAK Re – across the Lloyd’s new entrant process, capital raising and business planning – including brokers Aon, Gallagher Re, Guy Carpenter, Howden Re and Lockton Re, investment banking firm Evercore and legal firm Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates,” Carr added.
“The OAK Re syndicate shares our ambition to strengthen and extend the underwriting capability of the Lloyd’s market,” according to Patrick Tiernan, chief of markets, Lloyd’s.
“Cathal and his team bring strong leadership and reinsurance expertise to Lloyd’s, and we welcome Syndicate 2843 to the market. Lloyd’s distribution, licensing and capital offering – combined with excellent financial strength ratings – provide a uniquely attractive platform for the world’s best underwriters to operate,” Tiernan continued.
“We see Syndicate 2843 as an excellent addition to Hampden’s client portfolios with a business plan focussed on areas of strong current pricing and future growth,” said Alistair Wood, CEO of Hampden Agencies. “We are delighted to have led an over-subscribed capital raise for this launch, clearly demonstrating the strong appetite for strategic investment in the growth and resilience offered by this new syndicate.”
Elena Lieskovska, a partner at Bain Capital, said: “We are thrilled to collaborate with Cathal and the OAK Re team in establishing this global reinsurance company and Lloyd’s Syndicate 2843. With partnership at our core, we eagerly anticipate forging long-term relationships with market participants and unlocking tailored solutions to address client demand.”
Oak Reinsurance has financial strength ratings of: “A+” from AM Best, “AA-” from S&P Global Ratings and “AA-” from Fitch Ratings.
Source: Oak Reinsurance