OAK Re Adopts Moody’s Risk Modeling and Analytics Solutions to Support Underwriting Objectives

NEWARK, CA – December 17, 2024 – 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.”  

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About Moody’s

In a world shaped by increasingly interconnected risks, Moody’s data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities.

Moody’s shapes the world’s view of risk for insurers, reinsurers, financial services organizations, and the public sector, with Moody’s RMS models underlying the nearly US$2 trillion Property & Casualty industry. We empower organizations to evaluate and manage global risk from natural and man-made catastrophes, including hurricanes, earthquakes, floods, climate change, cyber, and pandemics.

With a rich history of experience in global markets and a diverse workforce in more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

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About OAK Re

OAK Re is a global reinsurance company, based in London, underwriting through Lloyd’s Syndicate 2843. In an era of evolving risk, we support our clients today in building resilience for tomorrow. Combining science and data-driven analytics with extensive underwriting expertise, we deliver innovative risk solutions and leading insight. Through our commitment to collaborative, long-term partnerships, our team tailors these solutions to each client’s specific needs. We hold Financial Strength ratings of: A+ AM Best, AA- S&P, and AA- Fitch. 

Find out more here: www.oakreinsurance.com