OAK Reinsurance (OAK Re) announced that its Lloyd’s Syndicate 2843 has been granted permission to underwrite business starting Jan. 1, 2025.
OAK Re was founded by Cathal Carr (pictured above), who serves as its CEO and active underwriter for Syndicate 2843. The company has built an executive team that includes Alex Winfield as chief capital officer and 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 syndicate says that it is projecting US$300 million in gross written premium (GWP) for 2025.
The syndicate is being launched in collaboration with established capital providers, including Bain Capital and Hampden Agencies. Hampden is the largest provider of private capital to Lloyd’s. Polo Managing Agency will provide turnkey services for the syndicate.
The launch announcement follows the “in-principle” approval the company received in September.
OAK Re said that its entry into Lloyd’s market aligns with the market’s efforts to strengthen its position as a leader in reinsurance. The company aims to demonstrate how underwriting expertise, combined with science and data-driven analytics, can provide benefits for clients, investors, and the broader market.
Carr stated that OAK Re represents a vision to build a global reinsurance franchise at Lloyd’s.
“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. In an era of evolving risk, the Lloyd’s platform and its long-term vision fits perfectly with our ambition to support our clients with reinsurance solutions today, enhancing resilience for tomorrow,” Carr said.
Carr also acknowledged the extensive market support OAK Re received during its development, including contributions from brokers such as Aon, Gallagher Re, Guy Carpenter, Howden Re, and Lockton Re, as well as investment banking and legal advisors.
Patrick Tiernan, Lloyd’s chief of markets, welcomed the new syndicate, noting its alignment with Lloyd’s goal of expanding underwriting capabilities.
“Cathal and his team bring strong leadership and reinsurance expertise to Lloyd's, and we welcome Syndicate 2843 to the market,” Tiernan said. “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."
What are your thoughts on this story? Please feel free to share your comments below.
