Reinsurance provider Oak Reinsurance (OAK Re), authorised to underwrite business beginning January 1, 2025, through its Lloyd’s Syndicate 2843, has partnered with Moody’s to integrate applications from the Moody’s Intelligent Risk Platform (including Risk Modeller and ExposureIQ).
This collaboration enables OAK Re to gain a comprehensive, high-definition view of risks across global catastrophe threats, incorporating Moody’s RMS models for cyber, terrorism, and climate change.
For its inaugural year, OAK Re aims to achieve a target of US$300 million in gross written premiums (GWP) across various sectors, including property, cyber, terrorism, and emerging opportunities related to innovation and transition.
By teaming up with Moody’s, OAK Re strengthens its commitment to utilising science and data-driven analytics to provide tailored risk insights for all its business lines.
Cathal Carr, Chief Executive Officer, at OAK Re, added: “Moody’s is the ideal partner to help us offer innovative, cloud-based risk solutions and leading insights to our clients. Combined with our underwriting expertise, their extensive portfolio of respected models and analytical solutions will allow us to continually enhance and evolve our risk understanding. The holistic nature of the Moody’s offering provides the flexibility and scalability to support our ambitions and facilitate growth over time.”
Daniel Flemington, Managing Director – Insurance Solutions, Moody’s, said: “We are delighted to be working with the OAK Re team – and from their inception, as their goal toward delivering sustainable, resilient underwriting is one we share as a business.
“Similar to many ambitious, high-growth, innovative start-up businesses we work with, being able to quickly get up and running and access sophisticated risk modelling across a spectrum of perils, within the cloud-based IRP and its applications, and scale up, adopt new models and solutions as and when required, is ideal for businesses without the burden of legacy infrastructure.”
