Barbados-based reinsurers Ocean International Reinsurance Company Limited (Ocean Re) and Energy Risk Re (ERIRE) have completed a merger of their operations.
The transaction has been executed after months of negotiations, with all necessary regulatory authorisations obtained back in December.
ERIRE is now the major shareholder of the combined operations, following a multi-transactional deal that involved complementary operations merger, capitalisation and group reorganisation.
Going forward, Carlos Chamorro will continue to serve as global CEO of Ocean Re and head of operations, with no other significant changes to the company’s management.
Currently, both companies are regulated by the Financial Services Commission (FSC) of Barbados.
Ocean Re now has an increased equity of $104.5 million, which is expected to provide the firm with the excess capacity needed to expand its product offering, increase territorial coverage in Latin American markets, and open in new markets.
Together, Ocean Re and ERIRE now have reinsurance operations in 73 countries across the Americas, the United Kingdom, and other countries in Europe, Asia, and Africa.
Ocean Re alone has offices, representations and agents in Barbados, Panama, and Ciudad de Mexico, and is planning expansion to London and Bogota.