Oak Reinsurance has received Lloyd’s approval to increase its 2025 business plan for syndicate 2843 to more than £305m of gross written premium. The carrier said it had resubmitted its original plan after outperforming expectations in the first quarter of the year.

Cathal Carr, chief executive officer and founder at Oak Re, said: “We are really pleased with the strong reception from the market globally and the quality of the portfolio we have underwritten to date.

“We believe this strongly endorses the value proposition of OAK Re and the strength of Lloyd’s. We look forward to building on this momentum through 2025 in partnership with our clients and brokers.”