OAK Global has launched OAK Horizon, a new cross-category strategic business unit designed to capture underwriting opportunities at the intersection of climate and technology risks, supported by the capabilities of its existing Lloyds syndicates.
OAK Horizon will reportedly adopt a systems-based underwriting approach that incorporates climate and technology considerations into portfolio construction.
The unit is built on a proprietary framework designed to assess how re/insurance products align with the climate technology ecosystem and embed the portfolio within OAK Global’s Lloyd’s platform.
OAK said the new business will address a broad range of risks, including catastrophe cover against evolving natural disasters, parametric insurance, energy and power-related financing and performance risks, technology-related asset protection and public sector partnerships.
Additionally, OAK Horizon will seek external capital partnerships and facilitate collaborations across the risk transfer market to expand its product offerings.
As part of this launch, Tom Dickson has been named Chief Underwriting Officer (CUO) of OAK Horizon in addition to his current role as President of Innovation Strategies.
Dickson commented: “OAK Horizon provides a compelling proposition to our clients and partners, including brokers, insurers and MGAs.
It brings together a unique group of experts with underwriting expertise to build innovative solutions to support challenging risks in the sector, opening up placement opportunities that would otherwise not be possible.
“OAK Horizon turns the challenges posed by the interconnected risks of climate and technology into opportunities, embodying the spirit of underwriting innovation that continues to attract brokers and buyers to the Lloyd’s market.”
Cathal Carr, Founder, CEO and Group COO of OAK Global, added: “The intersection between climate and technology will create significant opportunities for the risk landscape over the coming decades.
“From a climate resilience perspective, advances in technology and data can enhance the pricing and structuring of changing weather risk transfers, supporting reinsurance/insurance penetration to close protection gaps through traditional and parametric solutions.
“Technological innovation can improve the efficiency of meeting the energy and power needs of an evolving global economy, with opportunities to enhance energy security and reduce reliance on cost-prohibitive and limited legacy systems.
“In addition to advancing risk solutions, technology innovation also creates challenges when we consider the needs of next-generation engineering assets such as data centers and the risk uncertainties associated with emerging technologies such as nuclear fusion.”
“OAK Horizon takes a systems-based approach to address this growing demand ecosystem, partnering with our clients to create value for our investors and support economic resiliency.”
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