Ocean International Reinsurance Company (Ocean Re) has announced the acquisition of Oceva Risk’s London and Denmark operations to drive international expansion.

Oceva Risk Solutions, the London-facing arm, is engaged in sourcing reinsurance, insurance, fronting and risk transfer business from the UK, Europe, and international markets.

The deal also includes Oceva Europe ApS, which is regulated by the Danish Financial Supervisory Authority and is responsible for sourcing European Union business.

Sally Barrass and Ray Khadivi founded Oceva Risk in 2017. Since its inception, the London-based firm has been sourcing property, casualty, life and legal expenses business for the reinsurer in Barbados.

Commenting on the deal, Ocean Re CEO Carlos Chamorro stated that the firm was planning to expand in Europe and United Kingdom by either launching or acquiring a reinsurance/insurance business.

Ocean Re did not divulge the financial details of the deal, which has received the green light from the Financial Conduct Authority (FCA).

Chamorro added: “We have had a great working relationship with Sally and her team since 2017 and are delighted to acquire Oceva Risk, to be closer to the business in London and as part of our international growth strategy.

“We want to build on the relationships that Oceva has established with brokers and cedents throughout Europe and Asia.

“We have more capacity, so we want to expand and seek out new business in these regions. We plan to do this by either acquiring an existing carrier in Europe or by creating a new business ourselves.”

Oceva Risk director Sally Barrass said: “This is a fantastic opportunity for the growth of the business and for Oceva Risk to offer greater capacity to its clients and brokers. “We have shared an exceptionally close relationship with Ocean Re, working alongside them as a London representative office since inception, so the company is delighted to become an integral part of the Ocean Re team.”