OceanRe expanded their reinsurance global footprint to reach new levels in the industry.
As a strategic move to becoming a more globalized company, Ocean Re opened its new representative office in London, United Kingdom, hub of the reinsurance industry, to be able to develop a formal and transparent business relationship with brokers and grantors from the region.
The new Ocean Re division is located on 34 Lime Street, letting the company connect and work with well-known clients that own large global operations.
On May 20, 2021, the office started its operations, after having completed the registration process in September 2020, with the support of Savita Gorasia Patel, Head of the Office and business representative. Patel will be responsible for the entire London operation and the existent relationship with brokers.
Currently, two of the more frequent fields of operation that Ocean Re manages in London are Property and Energy, although the company handles every existing line of reinsurance, such as Life & Health, Bonds, Property, and Casualty.
On account of the new office opening, the company will now be able to have a global reach, and their clients will benefit from the ability to participate in different markets and get involved with different people with varied backgrounds.
“With greater diversification comes greater ability to rebalance the portfolio by dynamically increasing or decreasing the line size across products and markets, as local conditions continuously change,” stated Carlos Chamorro, Ocean Re’s CEO.
Having a presence in the different countries in which Ocean Re manages its operations will help the recognition and reliability of the reinsurance company. Every day, new opportunities arise for the reinsurance industry. As new risks grow, the reinsurers have had to find a way to maintain and increase their relevance across markets to evolve with the global macroeconomic conditions as they become more complex.
Nearly all global reinsurance companies expand their footprint seeking to do more business in Asia and Latin America, while regional companies have also been looking to grow beyond their local markets to reach a global presence, as Ocean Re has.
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