During the month of May, Ocean International Reinsurance Company Limited, known as Ocean RE, celebrated its 17th anniversary of a remarkable professional trajectory as a strategically for insurers in risk identification and management. Founded in 2006, Ocean RE has positioned itself as a reference in the specialized reinsurance market for non-CAT P&C business segments.
Since its creation, Ocean RE has implemented a strategy focused on identifying the needs of each client and adapting its products to meet them. This personalized approach has been key to its success and has led the company to receive industry recognition. For the past 8 consecutive years, AM Best has awarded Ocean RE an “A-” excellence rating in areas such as financial strength and long-term issuer credit rating.
“We honor the promises we make to all our clients by supporting the creation of new capabilities to meet their changing needs,” highlights the reinsurance team. Each client has unique characteristics and requirements, and Ocean RE understands the importance of tailoring its solutions to these specific needs.
Likewise, the relationship with clients is a fundamental pillar for Ocean RE. The risk management team is characterized by its commitment to discipline, transparency, and consistency in underwriting and claims. It has highly trained professionals who work hard to provide quality service to their clients and maintain high standards of integrity and ethics in all their operations.
Over the years, the reinsurer has expanded its international presence by establishing offices, representatives, and distributors in over 135 locations around Latin America, North America, and Europe. Its focus on globalization has led to the opening of new branches in Colombia and Argentina, and the company has plans to continue its expansion in multiple countries in Latin America, the Middle East, North Africa, and the Far East. This projection towards new markets demonstrates the growth vision and commitment of the reinsurer to offer its services worldwide.
Currently, Ocean RE continues to innovate and seek new ways to strengthen its collaboration with leaders around the world. Among its most recent operations in the period of 2023, the reinsurer signed an agreement with the American leaders in catastrophe risk solutions and models industry, Moody’s RMS. The reinsurer seeks to integrate RMS’s own applications, Risk Modeler and ExposureIQ, to extend its reach for innovative opportunities and expand its client portfolio.
Ocean Re will continue to drive its geographical expansion into new strategic markets
In recent years, Ocean RE has been working on its expansion into new strategic markets with the purpose of understanding and analyzing the changing needs of each region, and thus adapting its value programs for each client. In its commercial development, the reinsurer takes into account the complexity and requirements of each potential captive program, local market practices, legislation, acquisition costs, taxes, reinsurance income and costs, and other factors that contribute to creating a competitive offering.
More recently, Ocean RE in its London location added a new resource to its team with the hiring of Jamie Wakeling as the Director of Underwriting. Wakeling’s involvement in the Ocean RE team will allow the company to drive its operations both locally and in international markets. The current MD of the reinsurer, Guillermo Eslava, stated, “With Jamie’s underwriting experience, we will continue to strengthen our value proposition as we grow our portfolio in various lines of business and geographies”.