OAK Global has unveiled a new cross-class strategic business unit, OAK Horizon, aimed at capturing underwriting opportunities at the intersection of climate and technology risk, backed by capacity from its existing Lloyd’s syndicates.
OAK Horizon will reportedly adopt a systems-based underwriting approach, combining climate and technology considerations into portfolio construction.
The unit is underpinned by a proprietary framework designed to assess how re/insurance products align with the climate-tech ecosystem, with portfolios embedded within OAK Global’s Lloyd’s platforms.
According to OAK, the new business will target a broad range of risks, including catastrophe protection for evolving natural perils, parametric covers, energy and power-related financing and performance risks, technology-linked asset protection, and public sector partnerships.
In addition, OAK Horizon will seek external capital partnerships and promote collaboration across the risk transfer market to expand its offering.
As part of the launch, Tom Dickson has been appointed chief underwriting officer (CUO) of OAK Horizon, in addition to his current role as president of innovation strategies.
Dickson commented, “OAK Horizon delivers a compelling proposition for our clients and partners, including brokers, insurers and MGAs.
It brings together a unique set of specialists with underwriting expertise to structure innovative solutions to support challenging risks in this space, opening up placement opportunities that would not otherwise be possible.
“OAK Horizon converts the challenges presented by the interconnected risks of climate & technology into opportunities and embodies the spirit of innovation in underwriting that has always attracted brokers and buyers to the Lloyd’s market.”
Cathal Carr, Founder, CEO and Group CUO of OAK Global, added, “The intersection between climate and technology will drive significant opportunity across the risk landscape over the coming decades.
“From a climate resilience perspective, technological and data advancements enable enhanced pricing and structuring of evolving weather risk transfer, supporting re/insurance penetration to reduce the protection gap through traditional and parametric solutions.
“Technological innovation can drive increased efficiency in addressing the energy and power needs of an evolving global economy, with the opportunity to enhance energy security and mitigate reliance on higher-cost and finite legacy systems.
“In addition to advancing risk solutions, technological innovation will also introduce challenges as we consider the needs of next-generation engineered assets, such as data centres, and the risk uncertainty associated with nascent technologies such as nuclear fusion.”
“OAK Horizon takes a systems-based approach to this ecosystem of growing demand to partner with our clients, create value for our investors and support economic resilience.”
