Descartes Underwriting, a global provider of parametric insurance solutions, and OAK Global, a specialist risk and underwriting partner, have announced that Descartes has been granted Coverholder status at Lloyd’s, the world’s oldest insurance and reinsurance marketplace.
Under a newly established binding authority agreement, Descartes Underwriting will write business through OAK Global’s Syndicate 2843, creating a route for additional risks to be brought into the London market.
The company said that becoming a Lloyd’s Coverholder gives it direct access to Lloyd’s underwriting capacity, providing greater flexibility to pursue growth opportunities in strategic markets that extend beyond the scope of its current carrier relationships.
The enhanced capacity will support its expansion into areas such as the US high-net-worth market, where clients are increasingly seeking alternative approaches to protecting assets against natural catastrophe risks.
The company also noted that the arrangement will allow it to support larger and more complex exposures that require significant underwriting capacity, including data centre risks.
OAK Global said the partnership reflects a shared commitment to a scientific and data-driven approach to risk assessment. The company believes that combining its underwriting expertise with Descartes Underwriting’s proprietary technology and physical risk models will help deliver a more precise understanding of risk than is typically available through traditional indemnity-based insurance structures.
According to OAK Global, the collaboration is expected to strengthen portfolio performance through transparent risk selection processes, detailed analysis and data-led underwriting decisions, while providing both organisations with access to new opportunities across the global insurance market.
Tanguy Touffut, Co-founder and CEO of Descartes Underwriting, commented: “This designation represents a major achievement for Descartes, as it demonstrates the confidence of OAK Global and Lloyd’s as a whole in our underwriting expertise, governance framework, and operational capabilities. In an increasingly volatile, fragmented, and complex world, Descartes is leveraging innovation in all its forms to deliver relevant coverage solutions to brokers and policyholders.
“We are delighted and grateful to join the world’s oldest insurance market by establishing a strategic partnership with OAK Global. This partnership will complement our existing portfolio of insurers and reinsurers and open up access to promising new markets.”
Cathal Carr, Founder and CEO of OAK Global, added: “Descartes is exactly the type of partner we set out to work with – scientific, rigorous and deeply committed to technology‑led underwriting. From our first meeting, it was clear we share an ambition to develop innovative parametric solutions that close protection gaps for climate‑driven perils in markets the wider industry finds difficult to serve.
“Through our recently launched strategic business unit, OAK Horizon, which underwrites risks at the intersection of climate and technology, this partnership opens the door to transactions that support developing economies, food security and public‑private partnerships.”
