Global reinsurance company Oak Reinsurance (OAK Re), approved to underwrite business incepting from January 1, 2025, through its Lloyd’s Syndicate 2843, has teamed up with Moody’s to adopt applications on the Moody’s Intelligent Risk Platform™ (Risk Modeler; ExposureIQ™), enabling a high-definition (HD) modeled view of risk across global catastrophe perils, including the Moody’s RMS cyber, terrorism and climate change model suite.
OAK Re has forecast underwriting goals for its launch year, with a target of US$300 million gross written premium (GWP) reinsurance business across a range of areas from property, cyber, and terrorism, as well as innovation and transition-focused opportunities. OAK Re’s partnership with Moody’s cements its commitment to combine science and data-driven analytics to deliver tailored risk insights across all lines of business. Moody’s commitment to open modeling through its collaboration with Nasdaq aligns with OAK’s technical approach by allowing easy access to multiple modeled views of risk.
Cathal Carr, Chief Executive Officer, at OAK Re, commented: “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, added: “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 modeling 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.”