Cathal Carr’s OAK Re launches

Former RenaissanceRe underwriter Cathal Carr’s OAK Reinsurance has received permission for its Lloyd’s syndicate to underwrite business from January 1, 2025. 

Carr founded OAK Re earlier this year and is active underwriter of OAK Syndicate 2843, which is supported by Bain Capital and Hampden Agencies, the largest provider of private capital to Lloyd’s. Polo Managing Agency is providing turnkey services for Syndicate 2843.

OAK Re’s executive team includes former OmegaCat CEO Alex Winfield as Chief Capital Officer and Head of Strategy, former Lloyd’s director of portfolio management Kirsten Mitchell-Wallace as Chief Risk Officer, former SCOR UK chief financial officer Irfan Haq as CFO, former RenaissanceRe sustainability head  Harriet James as chief operating officer and former RenaissanceRe executive  Karl Stanley as chief technology officer. 

It is forecasting $300 million GWP for 2025.

Carr spent 19 years at RenaissanceRe, much of it in Bermuda. He left the Bermuda-based reinsurer in November 2023 as senior vice president and chief underwriting officer for Europe.  

Carr said: “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  and Affiliates.”

Patrick Tiernan, chief of markets, Lloyd's, 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, commented, “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, said: “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.”

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