OAK Re Syndicate 2843 approved to underwrite from 1/1, backed by Bain & Hampden

New global reinsurance start-up Oak Reinsurance (OAK Re) has been approved to begin underwriting in the Lloyd’s market through its Syndicate 2843 from 1/1 2025 and is launching with private equity backing from Bain Capital and private capital support from Hampden Agencies.

Oak Reinsurance was founded by former RenaissanceRe executive Cathal Carr, who becomes the new firms Chief Executive Officer and will be the Active Underwriter for OAK Syndicate 2843.

The company is forecasting it will underwrite gross written premiums amounting to $300 million in 2025, writing reinsurance business across property, cyber, credit, marine, energy and terrorism, as well as innovation and transition focused opportunities, in parametric risk transfer, carbon offset and tech performance guarantees.

OAK Re secured backing from leading investment fund and private equity player Bain Capital, while private capital has also been supplied by Hampden Agencies, which is the largest provider of private capital from third-party investors into the Lloyd’s marketplace.

Hampden Agencies noted the demand from private capital for this launch, saying the capital raise was oversubscribed.

OAK Re wants to demonstrate how underwriting expertise, supported by science and data-driven analytics, can benefit clients, investors and the wider marketplace. The company has partnered with Polo Managing Agency, to provide turnkey services for its Syndicate 2843

Cathal Carr, Chief Executive Officer and Founder of OAK Re commented, “OAK Re is the culmination of our vision to establish a leading global reinsurance franchise at Lloyd’s, driven by industry-leading talent, underpinned by cutting-edge risk insights, and backed by long-term investors.

“In an era of evolving risk, the Lloyd’s platform and its long-term vision fits perfectly with our ambition to support our clients with reinsurance solutions today, enhancing resilience for tomorrow.

“We deeply appreciate the extensive support from the market in the creation of OAK Re – across the Lloyd’s new entrant process, capital raising and business planning – including brokers Aon, Gallagher Re, Guy Carpenter, Howden Re and Lockton Re, investment banking firm Evercore and legal firm Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.”

Patrick Tiernan, Chief of Markets, Lloyd’s, also said, “The OAK Re syndicate shares our ambition to strengthen and extend the underwriting capability of the Lloyd’s market. Cathal and his team bring strong leadership and reinsurance expertise to Lloyd’s, and we welcome Syndicate 2843 to the market. Lloyd’s distribution, licensing and capital offering – combined with excellent financial strength ratings – provide a uniquely attractive platform for the world’s best underwriters to operate.”

Alistair Wood, CEO of Hampden Agencies, added, “The launch of OAK Re is great news for Lloyd’s and our client investors. OAK Re has an impressive management team led by Cathal Carr, an underwriter with a great track record, offering modified freehold capacity. We see Syndicate 2843 as an excellent addition to Hampden’s client portfolios with a business plan focussed on areas of strong current pricing and future growth. We are delighted to have led an over-subscribed capital raise for this launch, clearly demonstrating the strong appetite for strategic investment in the growth and resilience offered by this new syndicate.”

Elena Lieskovska, a Partner at Bain Capital, further stated, “We are thrilled to collaborate with Cathal and the OAK Re team in establishing this global reinsurance company and Lloyd’s Syndicate 2843. With partnership at our core, we eagerly anticipate forging long-term relationships with market participants and unlocking tailored solutions to address client demand.”