Ocean Re increases its Equity to more than $100 million through an economic merger.
In order to strengthen the balance of all strategies and also to expand the team and client portfolio, Ocean Re merged its operations with Quantum Dao, which is domiciled in Barbados. This transaction was executed after several months of negotiations, having obtained in December 2019 all the required authorizations and permits from the most recognized regulators and agencies in Barbados.
This extensive and challenging strategic process required a joint effort to conclude this multi-transactional agreement, which involves complementary operations of merger, capitalization and international reorganization of the group, allowing Ocean Re to cover 48 new markets globally and of course, extend its line of reinsurance business, managing to cover new geographic areas with a more specialized portfolio.
«We know that this new phase will generate important and very positive results for all parties involved, both for the two companies and for our clients, who will benefit from the solidity of a stronger and more modern group together with an extensive variety of products, coverage and experience,» said Carlos Chamorro, CEO and head of global operations of Ocean Re.
Following the completion of this transaction, Quantum Dao became the majority shareholder of the group, and despite the changes, operations continue to run smoothly. The original shareholders of Ocean Re still have a significant equity stake and are deeply involved and committed to the management and operation for the success of this new merger.
Ocean Re is now regulated by the Financial Services Commission (FSC) of Barbados and has increased equity to $110 million. Stronger capital provides the capacity to expand its product offering and increase territorial coverage in Latin America to continue to learn and open new markets.
As a whole, the group begins a new stage, contracting reinsurance operations in 73 countries in the Americas, the United Kingdom and other countries in Europe, Asia, MENA and Africa. Ocean Re currently has offices, representations and agents in Barbados, Panama, Mexico City, London, Russia and soon in Colombia.