OAK Global, an independent reinsurance group that provides risk solutions and underwriting capacity to clients worldwide, announced that Lloyd’s has granted approval for underwriting to begin through Syndicate 1440.
OAK Enterprise becomes the second strategic business unit within the group, alongside OAK Reinsurance, which writes primary reinsurance business through Syndicate 2843.
Syndicate 1440 is positioned to support the London market by offering structured risk support to retrocession clients, while giving investors access to this segment through the Lloyd’s capital model.
The unit will be led by Chief Underwriting Officer Roland Morse, reporting to Cathal Carr, Founder, CEO and Group CUO of OAK Global. Polo Managing Agency Ltd will provide turnkey services for Syndicate 1440.
Deepon Sen Gupta, Head of Capital Partnerships at OAK Global, said: “We are delighted to have secured investment from a broad spectrum of long-term capital providers, across traditional Lloyd’s Names, trade partners and institutional investors, including Bain Capital. Their commitment recognises OAK Enterprise’s excellent origination and retro underwriting capabilities and unique offering within the Lloyd’s marketplace.”
Roland Morse, CUO of OAK Enterprise, added: “We are excited to officially launch OAK Enterprise. Since announcing ‘in-principle’ approval in September, we’ve had a strong reception from the market, with prospective clients and brokers communicating that they welcome the additional long-term retro capacity and leadership reinforced by highly-rated Lloyd’s security.”
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