London-based reinsurance firm, OAK Re has received Lloyd’s approval to increase the 2025 business plan of Syndicate 2843 to over $400 million of gross written premium.
OAK Re’s syndicate business forecast (SBF) was resubmitted after the company exceeded its own expectations for the first quarter of 2025.
Chief Executive Officer and Founder, Cathal Carr said: “We are really pleased with the strong reception from the market globally and the quality of the portfolio we have underwritten to date.
“We believe this strongly endorses the value proposition of OAK Re and the strength of Lloyd’s. We look forward to building on this momentum through 2025 in partnership with our clients and brokers”.
OAK Re’s Syndicate 2843 received permission to underwrite business from January 1, 2025, following the approval in principle granted by Lloyd’s in September 2024.
Syndicate 2843 was launched 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 also providing turnkey services for the syndicate.
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