London-based Oak Reinsurance (OAK Re), a global reinsurance company, has announced that its Lloyd's Syndicate 2843 has received permission to underwrite business incepting from 1 January 2025. This follows the approval in principle that was received in September 2024.
It is forecasting $300m GWP 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. 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 was founded by CEO and active underwriter of OAK Syndicate 2843, Mr Cathal Carr.
Mr Carr said, “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.”
OAK Re is a global reinsurance company, based in London, underwriting through Lloyd’s Syndicate 2843. It holds financial strength ratings of: ‘A+’, AM Best; ‘AA-’, S&P; and ‘AA-’, Fitch.