We are starting to say goodbye to the hectic year that was 2021, closing cycles and preparing ourselves for new beginnings. In the same vein, the company Ocean RE is no different than us. The Panamanian, Class 2 licensed insurance company had its fair share of difficulties, but it did not stop them at all in the way of bringing their clients the best service and assuring a lasting relationship.
This company is planning to start the new year aiming for the future of the offers an extensive range of products in strategically defined geographic markets around the world. It also offers a full program of stock options for our clients with projected ending losses.
Following new paths and opportunities with Ocean RE
With transparency in their process, this company focus is to take risks and follow through the arraignments built with the clientele by means of well-defined policies and target markets. As a whole, the company Ocean RE: “Ocean International Reinsurance company Limited”, is a reinsurance company founded by a group of entrepreneurs with experience in the insurance and reinsurance industry.
Meanwhile, the more stable outlook that this reinsurance company takes part of derives from the company’s strengthened capital base after its acquisition and partnerships built throughout the year. This nurtures the ability of Ocean RE to expand into new markets and products for the next business years. The stability that Ocean RE earned with hard work and dedication is recognized by its commitment, discipline, and likely profitable results amid a difficult and unfavorable economic cycle.
Parting from this solid results and rewards, with an orientation towards non-CAT P & C business segments for the future, Ocean RE foresees an international extension. Following the prediction of a significant growth in countries such as Panama, Colombia and Mexico, as well as in Guatemala, Argentina, Ecuador, Paraguay, Peru and other countries from the Middle East and North Africa and the Far East, is no surprise what Ocean RE will accomplish with this potential.
Yesterday’s strangers are tomorrow’s allies
Ocean RE lives in constant expansion, from new partners to potential customers. It’s being a few years since the collaborations and mergers starting and nowadays the group already have reinsurance operations in 73 countries in America, the United Kingdom and other countries in Europe, Asia and Africa.
Even with this fusion, the future objective stays the same: expanding their product offering, expanding their territory to the Latin American market and providing the excess capacity necessary to enter new markets. Having a presence in the different countries in which Ocean RE manages its operations will help the recognition, reliability and opportunities for the reinsurance company.
The constant growth and value of Ocean RE would not be possible without the help of the other companies willing to unite. For example, AM Best is the leading rating agency for alternative risk transfer entities, covering more than 200 vehicles, risk retention groups (RRGs) and multi-domicile protected cell captives.
In recent years, Ocean RE has been qualified to reassess its financial strength, giving the go-ahead to the reinsurance company by AM Best. Instead, Ocean RE has shown its collaboration with the agency. Providing the necessary information, such as the audited consolidated financial statements, it has shown great progress in aligning its corporate structure and implementing its strategy, discharging AM Best’s concerns. Advances even in these difficult times for the world economy, keeping its performance high and driving Ocean RE standards.
Alliances are not only to grow, but to ensure the protection with each other and the clients. These collaborations are a constant contribution to the reinforcement of the reinsurer’s objectives and efforts towards prevention of malicious activities. Money laundering, scams and various crimes related to the management of the business line and personnel, as well as its corporate social responsibility plans.
Responsibility and discipline as pillars of Ocean RE
“At Ocean RE, we constantly pursue the principle of our business: Turn risk into value. This determines how you handle the risks and opportunities that arise every day. We are committed to sustainable management, the development of appropriate solutions and reinsurance products, to the protection of the environment and the fulfillment of our social responsibilities”, says the representatives. Even so, they can only manage to do this thanks to their strong corporate governance, well-defined risk policy and internal committees in place.
Always analyzing the potential and probability of risks before they even happen. Ocean RE takes the theme of corporate social responsibility with a very serious perspective. For its partners, its customers, its community and for the environment. To this end, all of the direct actions go through the application of a series of corporate governance principles.
In addition, the company has also joined this 2021 the World Compliance Association. Taking part in this partnership, they take part in potential activities for raising awareness such as participation in open forums, conferences and events, training tasks through the organization or promotion of practical workshops on interpretation of the legal framework, exchange of experiences with other members and specialized committees within the scope of compliance.
Knowledge is key, that’s why it’s so important for the team to try to identify and classify the operational and legal risks they face. This way it’s made possible to establish internal mechanisms for prevention, management, control and reaction against them. All to ensure the security of their clients.