Is very human conduct to look for connections with others, forming ties with them. It’s the same in the business world, partnering and collaborating is one of the ways to maintain and improve our place in the industry. This 2022, is going to start with a portfolio filled with new allies and clients. Moreover, the development and growth of OceanRE is set to be linked to innovation and the consolidation of activities where their experience and proven proﬁtability play a decisive role.
Expanding their reach worldwide one office at a time
Staying in just one territory it’s not the way to grow and reach new challenges in this busy environment, and OceanRE knows that. Beginning their strategic plan of becoming a more globalized company, the reinsurance company opened its new representative office in the United Kingdom. This country is known as the hub of the reinsurance industry, and to be able to develop a stable, secure, and transparent business relationship with brokers and cedents from this region is a big step. Overall, this expansion shows the financial strength of the company, as well as its good operating performance, excellent business risk management, and compliance. Always looking to give stability and secure the trust of many citizens.
At current times, the two fields with the most volume of operations that OceanRE reaches to manage in London are Property and Energy. However, the company is looking forward to managing its other lines as well, such as Life & Health, Bonds, Property, and Casualty. And on top of all, they named Savita Gorasia Patel as responsible for this branch: “We are proud to be here, having this representative office in one of the most competitive countries in the world of reinsurance will allow the team to manage situations with the necessary care, agility and speed needed. Having a presence gives us all three attributes“.
However, in the account of this new opening that allows the entrance to different markets and the involvement with different people with varied backgrounds, the intent to have a worldwide expansion is only just starting.
The opportunity of establishing a presence in different countries with active operations will help the recognition and reliability of OceanRE, that’s why during these past years and so on the reinsurance company will seek to expand even more in the territories of Asia and Latin America.
A transparent strategy marks the establishment of the global footprint
With the aim of reaching new markets and clients, the reinsurer knows that it needs to reflect trust. In the same vein, to keep marking for new successes this new year OceanRE will put their own trust in other reinsurance specialists. By aligning their operations, OceanRE managed to delegate new responsibilities to Insight RE, a Managing General Agent (MGA).
The agency Insight RE is a specialized insurance underwriter, focused on leveraging technology to improve underwriting metrics, automate data processing, and produce an actionable data vision that allows the profitability of accounts. The start of this extended team reflects an expansion of their product offer, an increase in territorial coverage and a better and immediate customer service. With the growth of the company size comes the increase in the volume of clients, making necessary the optimization of the management of operations. These are just some of the changes and improvements that the new alliances will bring to the table for OceanRE.
Joining an international nonprofit: the reward of recognition
The corporate values of OceanRE always aim forward emphasizing the importance of being a place of trust and value for all clients, stakeholders, employees and partners. Moreover, the hard work and dedication the company put into this year is why it was asked to join the World Compliance Association (WCA). An international nonprofit formed by a variety of professionals and organizations interested in the world of compliance with the common objective of developing tools and processes to protect against possible violations in the sector.
By joining the WCA, all the team members from OceanRE received the benefit of certification programs, participation as exhibitors in important events, and invitations to participate in different congresses, such as the First Congress of the Insurance and Reinsurance Committee in 2021. With the knowledge gained, the alliance contributes to the reinforcement of OceanRE’s objectives and efforts towards the prevention of money laundering, scams, and malicious acts regarding the management of the business line and personnel, as well as its corporate social responsibility plans.
In addition to the great improvement of the associated corporations of the WCA, it influences the help offered to the clients that seek the services of these companies in a scenario of compliance and good corporate governance. For example, allowing the groups to work with suppliers without exposure to risks that may compromise their brand image. Subsequently, assuring great security by evidencing through external evaluations that the company fulfills the requirements established in the standards imposed.
For OceanRE, this new chapter of becoming a member of the association means lending continuity to the commitment made in the promotion of good practices and this way adding prestige and value to the WCA brand and the other participating companies. This way, staying true to their own values and objectives, guarantees the commitment to only conduct transparent business with clients and partners.