Ocean Re expands into Europe with Oceva Risk acquisition

Ocean International Reinsurance Company Limited (Ocean Re), a Barbados-based reinsurance carrier, has announced it has acquired Oceva Risk Solutions Limited (Oceva Risk), a London Market-facing business which sources reinsurance, insurance, fronting and risk transfer business from the UK, Europe and internationally for the Group and 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. Oceva Europe ApS sources European Union business from its office in Denmark.

Oceva Risk was founded in London in 2017 by Sally Barrass (pictured) and Ray Khadivi, and since then it has been sourcing Property, Casualty, Life and Legal Expenses business for Ocean Re in Barbados.

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.

“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.”

Ray Khadivi 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.”

Ocean Re has representative offices in London, Panama City, and Mexico City as well as its headquarters in St. James, Barbados, serving brokers and ceding companies in 130 countries, in 11 regions of the world.

As part of the acquisition, Oceva Risk and Ocean International Re Limited will merge into one office space at The Minster Building in the City of London.