Ocean RE, a reference in innovation in the reinsurance industry with technological advancements and a sustainable focus
Ocean International Reinsurance Company Limited, known as Ocean RE, continues to set the pace in the global reinsurance industry by driving innovation through the implementation of new technologies and the adoption of sustainable approaches. More recently, the company has signed a strategic agreement with Moody’s RMS, a leader in catastrophe risk solutions and models, thus consolidating its position as one of the most advanced and committed reinsurers to its clients and the environment.
Under this agreement, Ocean RE will incorporate RMS’s own applications, Risk Modeler and ExposureIQ, to enhance the development of opportunities and expand its client portfolio. These tools, designed to the highest standards of quality and adaptability, will provide a strategic view of risk and strengthen portfolio accumulation and management, providing Ocean RE clients with unparalleled support in decision-making.
Ocean RE’s general director, Guillermo Eslava, highlighted the importance of the agreement with RMS and its impact on the reinsurer’s operations: “RMS will be the right ally to continue the profitable expansion of Ocean RE’s operations by providing additional strength to our underwriting analysis in an evolving climate environment.”
Ocean RE, present in over 135 countries and strategic markets, is focused on driving its growth through the implementation of new technologies and strategic alliances. The Risk Modeler and ExposureIQ applications, integrated into Moody’s RMS Intelligent Risk platform, offer Ocean RE greater flexibility and quality in risk management, enabling more informed and optimal decision-making.
Ocean RE’s commitment to social responsibility and sustainability in the reinsurance sector.
In addition to its technological focus, Ocean RE also stands out for its commitment to sustainability and social responsibility. The company has established a series of corporate governance principles that guide all its actions. The company aims to turn risk into value, which involves responsibly addressing the challenges and opportunities that arise on a daily basis.
In line with these principles, Ocean RE follows the COSO (Committee of Sponsoring Organizations of the Treadway) framework, which focuses on enterprise risk management, internal control, and fraud prevention. Through this framework, the company seeks to create and provide knowledge to effectively address these important aspects.
Furthermore, Ocean RE applies key elements of an Environmental Resources Management (ERM) process. This includes establishing a solid corporate governance and a well-defined risk policy that encompasses risk appetite, tolerance, and the use of internal committees to address the sustainability challenges that both companies and society face today.
Aligned with its sustainable vision, as a member of the World Compliance Association (WCA), Ocean RE recognizes that compliance is an essential part of the corporate culture. In this way, they carry out joint awareness-raising activities by participating in open forums, conferences, and events, as well as training activities through the organization or promotion of practical workshops on the interpretation of the legal framework, exchanging experiences with other members and specialized commissions within the compliance field.