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
LONDON: Oak Reinsurance (“OAK Re”), a global reinsurance company, today announces 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.
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. It is forecasting $300mn 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.
Cathal Carr, Chief Executive Officer and Founder of OAK Re 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.
“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.
“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.”
Patrick Tiernan, Chief of Markets, Lloyd’s, said, “The OAK Re syndicate shares our ambition to strengthen and extend the underwriting capability of the Lloyd’s market. 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.”
Alistair Wood, CEO of Hampden Agencies, commented, “The launch of OAK Re is great news for Lloyd’s and our client investors. OAK Re has an impressive management team led by Cathal Carr, an underwriter with a great track record, offering modified freehold capacity. 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. 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.”