“To be the most attractive, profitable and well-managed reinsurance company in the region”, that’s the vision that the reinsurance company OceanRE has set for itself since the beginning of its trajectory. Moreover, within its plan to expand the overall commercial coverage of its activities, this reinsurance benchmark has reached and conquered more than 40 new markets in recent years thanks to its complete strategy of: complementary merger, capitalization and the group reorganization operations.
New merges bring forward new opportunities
With months of effort from the teams involved, it was possible to achieve OceanRE’s remarkable strategic mergers with the companies Energy Risk Re (ERIRE) and with Quantum Dao. These achievements reflected the great progress made by OceanRE, following the plan to fortify the balance sheet of its operations, expand the teams and the client portfolios, branch out to new markets and extend its reinsurance line of business in new geographic areas.
With the completion of these multi-transactional agreements, OceanRE’s original shareholders will continue to have a significant percentage of equity participation and also to be deeply involved and committed to the management and operation in search of the group’s success in future projects. Carlos Chamorro, OceanRE’s current global executive director and chief operating officer, raised the expectations of the results acquired from the merger operations for both the companies and their clients, establishing the creation of a stronger and more modern work group with great experience, coverage and products.
Ocean International Reinsurance Company Limited, better known as OceanRE, has built its professional career on the principle of turning value into risk. The group is a well-known reinsurance company that provides quality services to its clients through innovative and optimal risk transfer programs, as well as the consolidation of activities in which its collective experience and proven profitability play a decisive role.
About the continued and profitable growth of OceanRE
Since the group incorporation within the framework of the International Business Law in 2006, OceanRe has been in the direction of creating and sharing knowledge regarding business risk management, internal control and the fight against fraud, applying the establishment of a strong corporate governance, a well-defined risk policy and the use of internal committees challenging the sustainability faced by companies and society.
Nowadays, OceanRE is a reinsurance company licensed as a class 2 insurance company with a notable orientation towards the non-CAT P&C business segments. This is where the group continues to serve a solid insurance and reinsurance legislation under supervision and with an international business environment necessary to improve the reliability of its operations. “Always committed to discipline, transparency and consistency in underwriting and claims, with experience anytime, anywhere” is how the reinsurer sets out its mission.
In addition, the company is still regulated by the Barbados Financial Services Commission (FSC) and has gone on to build an increased wealth of over $110 million. Currently, it is headquartered in Barbados and offers a diversified mix of products in 84 strategically identified market countries in territories such as Latin America, the United Kingdom, other countries in Europe, Asia and Africa. OceanRE as of today also has offices, representations and agents in Barbados, Panama, Mexico City, London and soon in Colombia.