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  • OAK Enterprise Gets Approval From Lloyd’s to Underwrite Retro via Syndicate 1440

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    OAK Global, the Lloyd’s reinsurance business, announced it has received permission from Lloyd’s to underwrite via Syndicate 1440.

    The new syndicate will operate as the strategic business unit OAK Enterprise, providing property and specialty retrocession capacity to clients for business incepting from January 1, 2026.

    OAK Enterprise is the second strategic business unit within the OAK Global group, joining OAK Reinsurance, which underwrites through Syndicate 2843 and provides primary reinsurance capacity to clients.

    Syndicate 1440 will bring value to the London market by supporting retro clients through leading risk expertise and solutions, while providing investors with unique access to the retrocession market through the Lloyd’s capital framework, the company said.

    OAK Enterprise will be led by a dedicated Chief Underwriting Officer Roland Morse, reporting to Cathal Carr, founder, CEO and group CUO of OAK Global.

    “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,” commented Deepon Sen Gupta, head of Capital Partnerships at OAK Global, in a statement. “Their commitment recognises OAK Enterprise’s excellent origination and retro underwriting capabilities and unique offering within the Lloyd’s marketplace.”

    “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,” Morse said.

    Polo Managing Agency Ltd will provide turnkey services for Syndicate 1440.

    About OAK Global

    London-based OAK Global underwrites primary reinsurance and retrocession through OAK Reinsurance and OAK Enterprise, its strategic business units. Each strategic business unit underwrites through a dedicated Lloyd’s syndicate; OAK Reinsurance through Syndicate 2843 and OAK Enterprise through Syndicate 1440.

    Source: OAK Global

    Related:

    Topics
    Excess Surplus
    Underwriting
    Lloyd’s

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  • IRDAI gives in-principle nod for Policybazaar to upgrade license, enter reinsurance selling

    IRDAI gives in-principle nod for Policybazaar to upgrade license, enter reinsurance selling

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    PB Fintech on Friday said that insurance regulator IRDAI has granted in-principle approval to its wholly owned subsidiary Policybazaar Insurance Brokers (Policybazaar) to upgrade its license from a direct insurance broker (Life and General) to a composite insurance broker.

    This approval is expected to pave the way for Policybazaar to sell reinsurance products besides being a pure play platform focused on insurance buying. 

    “Insurance Regulatory and Development Authority of India (IRDAI) has granted In-principle approval to Policybazaar Insurance Brokers Private Limited (Policybazaar), a wholly owned subsidiary of the company for upgradation of license from direct insurance broker (Life and General) to composite insurance broker,” PB Fintech said in a stock exchange filing on Friday evening.

    “This will allow us to deepen the insurance penetration in the country by bringing more technology, process control and data analytics based innovation into re-insurance capacity.”

    PB Fintech had last month reported its first-ever net profit of ₹37.2 crore for the quarter ended December 31, 2023. For the nine months ended December 31, 2023, PB Fintech reported a net profit of ₹4.2 crore.

    PB Fintech’s revenue from operations grew 43 per cent to ₹871 crore in the third quarter ended December 31, 2023.

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