Ocean Re acquires Oceva Risk, plots European expansion
Ocean International Reinsurance Company (Ocean Re), a Barbados-based reinsurance carrier, has acquired Oceva Risk Solutions (Oceva Risk), a London Market-facing business which sources suitable reinsurance, insurance, fronting and risk transfer business from the UK, Europe and internationally for the group.
As part of the deal, Ocean Re has also acquired Oceva Europe, which sources European Union business from its office in Denmark.
Oceva Risk was founded in London in 2017 by Sally Barrass and Ray Khadivi. It sources property, casualty, life and legal expenses business for Ocean Re in Barbados.
Carlos Chamorro, CEO 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 UK. 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.” said Chamorro. “We want to build on the relationships that Oceva has established with brokers and cedants 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.”
Barrass added: “This is a fantastic opportunity for the growth of the business and for Oceva Risk to offer greater capacity to its clients and brokers. 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. 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 fulfil the company’s potential.”
Khadivi added: “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.”
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