Ocean International Reinsurance Co. Ltd. (Ocean Re), a Barbados-based reinsurer, announced it has acquired Oceva Risk Solutions Ltd., a London appointed representative that sources reinsurance, insurance, fronting and risk transfer business from the UK, Europe and internationally for the group.
Financial details of the transaction were not disclosed.
As part of the deal, which has been approved by the Financial Conduct Authority (FCA), Ocean Re has also acquired Oceva Europe ApS, which is fully authorised by the Danish Financial Supervisory Authority. Oceva Europe ApS sources European Union business from its office in Denmark.
Oceva Risk was founded in London in 2017 by Sally Barrass and Ray Khadivi, and since then it has been sourcing property, casualty, life and legal expenses business for Ocean Re in Barbados.
Carlos Chamorro, chief executive officer of Ocean Re, said the acquisition was part of the company’s plans to expand internationally, and that it was also looking to either acquire or launch an insurance/reinsurance business in Europe and United Kingdom. He said the acquisition provides the group with a solid foundation on which to develop its Pan-European strategies.
“We have had a great working relationship with Sally and her team since 2017 and are delighted to acquire Oceva Risk, to be closer to the business in London and as part of our international growth strategy,” Chamorro added. “We want to build on the relationships that Oceva has established with brokers and cedents throughout Europe and Asia. We have more capacity, so we want to expand and seek out new business in these regions. We plan to do this by either acquiring an existing carrier in Europe or by creating a new business ourselves.”
“This is a fantastic opportunity for the growth of the business and for Oceva Risk to offer greater capacity to its clients and brokers,” commented Sally Barrass, director of Oceva.
“We have shared an exceptionally close relationship with Ocean Re, working alongside them as a London representative office since inception, so the company is delighted to become an integral part of the Ocean Re team,” Barrass added. “It has been one of the most rewarding experiences of my career to work alongside Ray and the Oceva Risk team over the past five years, and I am confident that they will continue to innovate and work tirelessly with Ocean Re to fulfill the company’s potential.”
“I am delighted with this development, which was always envisaged from our formation, the inter-group transfer of Denis Nikolaytsev to London and the bringing together of our two London offices. These help the group with our increased internal resources and retro capacity, which directly benefit our clients and broker relationships around the world,” said Khadivi.
Ocean Re has representative offices in London, Panama City, and Mexico City as well as its headquarters in St. James, Barbados, serving brokers and ceding companies in 130 countries, in 11 regions of the world. As part of the acquisition, Oceva Risk and Ocean International Re Ltd., an appointed representative of Oceva Risk, which carries out marketing activities, will merge into one office space at The Minster Building in the City of London.
About Ocean Re and Oceva Risk
Founded in 2006, Ocean Re is a Barbados-based reinsurer that offers group health, group life, credit life, property, engineering, auto, legal liability, cargo, marine & aviation, financial lines, surety and energy reinsurance to 1700 clients in 130 countries. In 2021, it had annual gross premiums of $264 million. With representative offices in London, Panama City and Mexico City, the company is rated “A-” by AM Best.
Established in 2017, London-based Oceva Risk offers reinsurance and A-rated fronting and alternative risk transfer solutions for carriers in Europe and Asia. Its services include actuarial and underwriting support, claims management partnerships, and capital and business support. Its services are delivered through wholesale insurance solutions, proportional reinsurance, fronting services, capital relief and special purpose vehicles.
Topics Mergers & Acquisitions
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