Descartes Underwriting and OAK Global partner to bring parametric innovation to Lloyd's
Descartes secures Lloyd's Coverholder status through OAK Global's Syndicate 2843, broadening the market's response to climate and technology risk.
Descartes Underwriting, the global parametric insurance leader, and OAK Global, a leading risk partner, today announced Descartes’ approval as a Coverholder at Lloyd’s, the world’s leading marketplace for insurance and reinsurance.
Under this binding authority agreement, Descartes will underwrite policies through OAK Global’s Syndicate 2843, bringing new risks to the London market. As a Coverholder, Descartes will now have direct access to Lloyd’s underwriting capacity[1], facilitating its expansion into new strategic markets - including the segment of High-Net-Worth individuals in the United States, who are looking for innovative solutions to insuring natural disasters - beyond the existing appetite of its current carriers. Descartes will also be able to allocate more capital to significant and attractive risks requiring substantial capacity, such as data centres.
Tanguy Touffut, Co-founder and CEO of Descartes Underwriting, said: “This designation represents a major achievement for Descartes, as it demonstrates the confidence of OAK Global and Lloyd’s as a whole in our underwriting expertise, governance framework, and operational capabilities. In an increasingly volatile, fragmented, and complex world, Descartes is leveraging innovation in all its forms to deliver relevant coverage solutions to brokers and policyholders. We are delighted and grateful to join the world’s oldest insurance market by establishing a strategic partnership with OAK Global. This partnership will complement our existing portfolio of insurers and reinsurers and open up access to promising new markets.”
For OAK Global, this collaboration brings together two businesses that share a scientific, data‑led view of risk that enables underwriting with a precision that indemnity-based models struggle to achieve. Drawing on Descartes’ proprietary technology and physical models, OAK Global will strengthen its portfolio through transparent, data-driven risk selection and in-depth analysis.
Cathal Carr, Founder and CEO of OAK Global said: "Descartes is exactly the type of partner we set out to work with - scientific, rigorous and deeply committed to technology‑led underwriting. From our first meeting, it was clear we share an ambition to develop innovative parametric solutions that close protection gaps for climate‑driven perils in markets the wider industry finds difficult to serve. Through our recently launched strategic business unit, OAK Horizon, which underwrites risks at the intersection of climate and technology, this partnership opens the door to transactions that support developing economies, food security and public‑private partnerships."
ENDS
About Descartes
Descartes is a corporate (re)insurance specialist that collaborates with brokers to protect their corporate and public sector clients against climate and other emerging risks. At the forefront of AI and Data analysis, Descartes utilises cutting-edge technology combined with a new generation of data sources, to model, assess and manage risks.
Offering a full range of insurance products, including cost-effective and fully transparent parametric solutions with predefined and swift claims payouts, Descartes has already provided over $15 billion capacity to its clients through corporate brokers.
With a global footprint and strong US presence, Descartes serves a diverse portfolio of clients in more than 60 countries, with 20+ offices spread across Europe, Asia-Pacific, Latin and North America.
About OAK Global
OAK Global, OAK Reinsurance, OAK Enterprise and OAK Horizon are trading names of OAK Servco Limited (company number 15702736). OAK Servco Limited is an Appointed Representative of Polo Managing Agency Limited (company registration number 03935227, FCA firm reference number 204976); managing agent of Lloyd’s Syndicates 2843 (Lloyd's Insurance Company S.A. ("LIC") Syndicate 5424) and 1440 (LIC Syndicate 5437).
In an era of evolving risk, we support our clients today in building resilience for tomorrow. Combining science and data-driven analytics with extensive underwriting expertise, we deliver innovative risk solutions and leading insight. Through our commitment to collaborative, long-term partnerships, our team tailors these solutions to each client’s specific needs.
Underwriting through Syndicates 2843 and 1440, rooted in the strength of Lloyd’s which holds Financial Strength ratings of: A+ AM Best, AA- S&P and AA- Fitch.
Media contact:
Omnia Partners: Victoria Sisson, William Mutton, Nathalie Crystal
OakGlobal@weareomniapartners.com
[1] Lloyd’s underwriting capacity for risks located in the European Economic Area is provided through its EU‑authorised subsidiary, Lloyd’s Insurance Company S.A. (Lloyd’s Europe).
