Oak Reinsurance (Oak Re) and Polo Managing Agency Limited (PMA) have announced that they have received Lloyd’s “in principle” approval for Oak Re Syndicate 2843 to begin underwriting operations on Jan. 1, 2025.
Oak Re noted that the approval marks a significant step for the company as it enters the Lloyd’s market.
Paul Andrews (pictured above), chief executive officer of PoloWorks and PMA, stated that partnering with Oak Re on their Lloyd’s New Entrant journey has been an honor.
He said that Oak Re’s executive team, led by Cathal Carr, brings substantial underwriting expertise and experience to the market.
Cathal Carr, chief executive officer and founder of Oak Re, expressed satisfaction with the partnership with PMA and emphasized the importance of continuing collaboration with PMA's team of industry professionals.
PoloWorks, a business under Marco Capital, is an insurance service provider in the Lloyd’s and London Market. It operates across four divisions: Polo Managing Agency (PMA), Polo Commercial Insurance Services (PCIS), Polo Insurance Managers (PIM), and PoloPartners.
PMA, an independent turnkey managing agency, offers comprehensive services across the life cycle of a syndicate, including governance, oversight, processing, IT, and full back-office support. PCIS provides specialist, outsourced services to around 40% of the operators in the Lloyd’s and London Market segments.
PIM operates in Europe, serving captive, commercial, and ILS clients, and focuses on leveraging advanced technology, data insights, and client service. PoloPartners, a joint venture between PoloWorks and PwC UK, combines expertise from both entities to deliver a technology-enabled, end-to-end service solution.
In May, NormanMax Insurance Holdings, a US-based parametric re/insurance group, launched Syndicate 3939, managed by Apollo, an integrated insurance group.
NormanMax Syndicate 3939 has begun underwriting, focusing on natural catastrophe parametric reinsurance products for hurricanes, tropical cyclones, typhoons, and earthquakes. The syndicate aims to address the natural disaster protection gap using advanced data and technology to offer parametric solutions globally amid increasing climate risk and volatility.
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