Ocean Re has opened a representative office in Bogotá, marking its 20th anniversary in the global reinsurance industry with a move designed to deepen its footprint in Latin America.
The Colombian base, located in Tower E of the North Point building, will allow the reinsurer to work more closely with clients and brokers in the country, shorten response times and broaden the reach of its technical offering.
The Bogotá launch lands at a moment of expanding reinsurance capacity for Latin America, with established players chasing growth and new entrants pushing into the region over the past 12 to 18 months.
Industry executives have pointed to the most pronounced softening in facultative reinsurance and more moderate reductions in excess-of-loss treaty pricing.
Firms from the Middle East and Asia are driving much of the new interest as they look to diversify portfolios, with Lloyd's also opening a Miami office to strengthen its Latin America and Caribbean business.
Group CEO Guillermo Eslava framed the launch as a milestone for Ocean Re in a year that doubles as the company's two-decade anniversary.
"The opening of our office in Bogotá represents a key step forward in a year that is especially meaningful for Ocean Re. Celebrating two decades in the reinsurance industry reaffirms our commitment to technical excellence, innovation, and the development of long-term relationships across Latin America," he said.
The Colombian operation will center on three areas, according to the company.
These include closer engagement with local insurers and brokers, tailored reinsurance solutions for the domestic market, and technical and regulatory support that incorporates risk management practices.
The technical focus aligns with a region still carrying a sizable protection gap. Latin America's insurance protection gap for climate-related disasters stands at 81%, leaving just 19% of total losses insured, according to MAPFRE Economics data presented at COP30.
Recent loss experience — including agricultural losses in 2021 and flooding in 2025 — has reinforced how climate-driven volatility from secondary perils is being felt more broadly across the region, underscoring the appetite for additional technical capacity from carriers like Ocean Re.
Javier Duque, legal representative of Ocean Re's representative office in Colombia, said the timing of the launch reinforces the company's strategic direction.
"Establishing a local presence, precisely as we celebrate our 20th anniversary, reinforces our vision of proximity, specialized service, and sustainable growth," Duque said.
The Bogotá office adds to Ocean Re's footprint in Latin America as the carrier marks two decades of operations across emerging markets.
