OAK Global has announced the formation of a new strategic business unit, OAK Enterprise, which will focus on underwriting retrocession business with an emphasis on property and specialty classes.
The unit will provide risk solutions to clients through Lloyd’s Syndicate 1440, which has received in-principle approval to commence business from January 1, 2026. The syndicate is targeting approximately US$75 million in gross written premium during its first year.
Roland Morse (pictured above) will lead OAK Enterprise as chief underwriting officer. OAK Reinsurance, the group’s flagship business unit, will continue to underwrite primary reinsurance through Lloyd’s Syndicate 2843, with James Irvine serving as chief underwriting officer.
Both Morse and Irvine will report to Cathal Carr, OAK Global’s founder, chief executive officer, and active underwriter for both syndicates.
Syndicate 1440 will operate under a turnkey arrangement with Polo Managing Agency and will be supported by underwriting capital from Bain Capital.
Carr commented on the development, stating: “The reinsurance marketplace is evolving - secular trends driven by continued technology advancements and cyclical dynamics such as M&A are driving new opportunities for our business as clients and distribution partners move toward centralised coordination of risk management.”
He added that OAK Reinsurance was established to provide clients with primary reinsurance solutions across property, specialty, and credit horizontal risks.
Following stronger-than-expected performance in the first quarter of 2025, OAK Re received approval from Lloyd’s to increase its 2025 gross written premium forecast for Syndicate 2843 to over US$400 million, up from the previous forecast of US$300 million.
Elsewhere, OAK Re has also partnered with Moody’s to integrate the Intelligent Risk Platform for its underwriting operations. This collaboration enables OAK Re to use advanced risk applications, such as Risk Modeler and ExposureIQ, to analyse catastrophe perils including cyber threats, terrorism, and climate change impacts.
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