Reinsurance And Global Solutions

Reinsurance is the practice whereby insurance companies transfer their risks by some specific form of agreements.

Reinsurance means “insuring again” and is also known as the insurance for insurance companies.

The party that diversifies its insurance portfolio is known as the ceding party. The party that accepts a portion of the potential obligation in exchange for a share of the insurance premium is known as the reinsurer. 

A ceding party or an insurance company may transfer a portion of a risk or the entire risk to a reinsurer by specific agreements. A reinsurance company assumes that risk from the insurance company by way of reinsurance agreements (which is called reinsurance contract/slip).

Reinsurance brokers act as a middleman (an intermediary party) between ceding party and reinsurers providing (re)insurance capacity. 

A reinsurance broker's core duties include analysis of insurance portfolios to assess risk levels and pinpoint where risk needs to be spread. All other matters related to reinsurance transactions are also handled by Reinsurance broker(s).

OYAK Group Insurance and Reinsurance Brokerage Inc. is in close collaboration with various reinsurance markets including LLOYD’S/London  ,Continental Europe, Middle East and Far East Markets in order to provide optiumum terms and conditions to the (re)insureds.

OYAK Group Insurance and Reinsurance Broking Inc. has received its license to conduct business as a registered broker as of April 2020 at Lloyd’s UK, the world’s leading insurance and reinsurance marketplace. 

As a registered Lloyd’s broker, OYAK Group Insurance and Reinsurance Broking Inc. has direct access to a unique pool of global underwriting expertise in the Lloyd's marketplace and strengthened its position in the global (re)insurance industry.

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