Ocean International Reinsurance Company Limited (Ocean Re) has announced that it has acquired Oceva Risk Solutions Limited, a London Market-facing business that is fully authorised by the Financial Conduct Authority (FCA).

As part of the deal, which has been approved by the FCA, Ocean Re has also acquired Oceva Europe ApS, which is fully authorised by the Danish Financial Supervisory Authority.

Under the terms of the arrangement, Oceva Risk and Ocean International Re Limited, 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.

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.

He added: “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. 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.”

Director of Oceva, Sally 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.”

Ray Khadivi, co-founder of Oceva Risk, 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.”