OAK Global has made its debut in the catastrophe bond market, sponsoring a $150 million issuance of Arthur Re Ltd. – Quercian Re 2026-1 notes – which doubled in size from its initial target amid strong investor demand.
The Lloyd’s specialist underwriting platform priced the transaction at an upsized $150 million, with the notes pricing below initial guidance. The offering was issued by Arthur Re Ltd., a structure managed by Artex Risk Solutions designed to make access to the Rule 144A catastrophe bond market more efficient for clients, with a focus on index-triggered transactions. Arthur Re Ltd. is a Bermuda-domiciled unrestricted special purpose insurer (SPI) able to transact with multiple cedants and issue insurance-linked securities in multiple formats. Arthur Re is also Gallagher Re’s new platform and Jason Bolding, CEO of Gallagher Securities noted that the deal “demonstrates the strength of Arthur Re as a platform to deliver faster, more efficient index catastrophe bond issuance, enhancing how we connect clients with capital markets.”
“Entering the catastrophe bond market is an important moment in OAK Global’s development. It reflects both the continued build-out of our platform and our ambition to access a broader, more diversified base of capital partners,” added Alex Winfield, co-founder, chief capital officer and head of strategy at OAK Global. “This issuance enhances our ability to match risk to capital efficiently, while supporting the long-term, partnership-led approach that underpins our value proposition to clients.”
The transaction is structured on an annual aggregate and industry loss trigger basis, according to a news release. The notes provide OAK Reinsurance Syndicate 2843 with retrocessional reinsurance protection against losses from US and Canada named storms and earthquakes, as well as US wildfire events, over a three-year term ending in May 2029.
The notes feature a $15 million franchise deductible, with an attachment point at $240 million of aggregate losses and exhaustion at $365 million, giving an initial attachment probability of 4.6% and an initial expected loss of 3.29%. Pricing tightened from an initial spread of 7.25%–8%, to 7%–7.5%, before pricing below revised guidance.
The transaction is the first catastrophe bond to benefit OAK Reinsurance Syndicate 2843, and the protection may also extend to broader OAK Global portfolios. The syndicate acts through its managing agent, Polo Managing Agency.
“The cat bond market offers an attractive and complementary source of protection, particularly for more remote peak perils, where we continue to see strong pricing and demand from investors,” said Ciara Svensen, head of ceded at OAK Global.
The transaction comes as OAK Global continues to expand its Lloyd’s platform. OAK Reinsurance Syndicate 2843 received permission in November 2024 to underwrite business incepting from Jan. 1, 2025. OAK Global subsequently launched a retrocession division, OAK Enterprise, underwriting through new Lloyd’s Syndicate 1440 from Jan. 1, 2026, offering property and specialty retrocession capacity to global reinsurance companies.
The company’s two syndicates are now targeting a combined $910 million in gross written premium in 2026.
