OAK launches retro syndicate 1440 with investor backing, including via London Bridge

OAK Global has launched a retrocession division OAK Enterprise, that will underwrite through new Lloyd’s Syndicate 1440 from January 1 2026. The syndicate has been backed by a range of investors and we understand from sources that at least one of these has funded its commitments through the Lloyd’s ILS structure London Bridge.

Recall that the company launched Oak Reinsurance (OAK Re) and its first Syndicate 2843 around one year ago, securing private equity backing from Bain Capital and private capital support from Hampden Agencies.

Now, OAK Enterprise has been launched with a retrocession focus and a plan to underwrite property and specialty retro out of the Lloyd’s market for global reinsurance companies.

Syndicate 1440 will operate as OAK Enterprise, offering property and specialty retrocession capacity to clients for business incepting from 1st January 2026, the company explained.

“Syndicate 1440 will bring value to the London market by supporting retro clients through leading risk expertise and solutions, while providing investors with unique access to the retrocession market through the Lloyd’s capital framework,” OAK said.

The new syndicate has been backed by a range of investors, including some institutional third-party capital it seems.

Our sources said that the London Bridge 2 PCC, UK based insurance-linked securities (ILS) and risk transformation structure, has been utilised by at least one of the backers of OAK’s new retro syndicate, to efficiently fund capital commitments to the venture.

Deepon Sen Gupta, Head of Capital Partnerships at OAK Global, explained, “We are delighted to have secured investment from a broad spectrum of long-term capital providers, across traditional Lloyd’s Names, trade partners and institutional investors, including Bain Capital.

“Their commitment recognises OAK Enterprise’s excellent origination and retro underwriting capabilities and unique offering within the Lloyd’s marketplace.”

Roland Morse, who joined OAK Global in June from his previous position at reinsurance broker Guy Carpenter, will be the Chief Underwriting Officer for the new retro syndicate, reporting to OAK Founder, CEO and Group CUO Cathal Carr.

Morse said, “We are excited to officially launch OAK Enterprise. Since announcing ‘in-principle’ approval in September, we’ve had a strong reception from the market, with prospective clients and brokers communicating that they welcome the additional long-term retro capacity and leadership reinforced by highly-rated Lloyd’s security.”

Accessing retrocessional reinsurance linked returns through the Lloyd’s market is an attractive opportunity for investors and retro capacity out of Lloyd’s can be particularly attractive to buyers, given the market’s standing, ratings and licenses.

It’s also encouraging to learn that the London Bridge ILS structure continues to gain traction among investors, as a way to fund their commitments into Lloyd’s in order to access returns from underwriting ventures operating in that marketplace.

Syndicate 1440 is set to be provided turnkey management services by Polo Managing Agency Ltd.