Oak Reinsurance has secured approval from Lloyd’s to increase its 2025 gross written premium (GWP) forecast for Syndicate 2843 to more than $400 million, the company said.
The updated business plan follows stronger-than-expected performance in the first quarter of 2025, according to Oak Re. The syndicate's previous 2025 GWP forecast stood at $300 million, a company spokesperson confirmed by email.
Cathal Carr (pictured above), chief executive officer and founder of Oak Re, said the market response and underwriting results so far have contributed to the revised forecast.
Carr also said the company sees the development as a sign of support for its market strategy and operating model within the Lloyd’s platform.
The London-based global reinsurance company was established in 2024 and operates through Lloyd's Syndicate 2843. The syndicate was granted permission to underwrite business from Jan. 1 this year. OAK Re said that its focus was on reinsurance products across property, cyber, terrorism, and innovative, transition-focused opportunities.
OAK Re was founded by Cathal Carr, who serves as its CEO and active underwriter for Syndicate 2843. Carr is supported in this role by 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.
In December, the reinsurer also added James Irvine as chief underwriting officer for property. He will assume the role in spring 2025 and will be based in London.
OAK Re also recently announced a partnership with Moody’s to integrate its Intelligent Risk Platform for underwriting operations. This collaboration will enable OAK Re to leverage Moody’s advanced risk applications, including Risk Modeler and ExposureIQ, to analyze catastrophe perils such as cyber threats, terrorism, and climate change impacts.
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