...Growing Franchise, Small Operating Scale: Ocean International Reinsurance Company Limited (Ocean Re) is an open market reinsurance company with a growing business franchise offset by its relatively small operating scale compared to global reinsurer participants. The company has two types of business leveraged by its specialized subsidiaries: (i) a risk-bearing business; and (ii) a captive business that generates consistent income through fees. At YE 2024, the risk- bearing business accounted for 63% of Ocean Re's gross premium written (GPW) and the captives' segment accounted for 37%. At YE 2024, the reinsurer's net premium written (NPW) was USD194.5 million and equity was UDS166.8 million. NPW was distributed 53.8% in property, 39.4% in life and health, 2.9% in surety, 2.8% in casualty and 1.1% in motor. Diversification in business lines and in geographies enhances its risk profile, while the types of business between risk-bearing and captives provide income source diversification. The...
