Ocean RE announces its joining of the Sumarse organisation to lead the change in sustainability

24^th October 2023

The editorial unit

The editorial unit

24 October 2023

Ocean RE, the renowned reinsurance company with a Class 2 insurance company license and a presence in 135 countries, has decided to become a member of Sumarse, the leading organization in promoting Corporate Social Responsibility (CSR) and sustainability. This collaboration represents a significant step towards Ocean RE’s responsible and sustainable commitment in the reinsurance world.

Sumarse is a leading organization based in Panama dedicated to promoting Corporate Social Responsibility (CSR). With a network of over 240 organizations, Sumarse works collaboratively to accelerate the transition to a sustainable world. Their commitment is to mobilize the private sector and societal actors to build a shared future in which economic, social, and environmental sustainability are the fundamental pillars for development.

Ocean RE’s inclusion as a member of the organization will provide a valuable resource for the reinsurer, as it will transform its focus towards sustainability and strengthen the corporate governance principles that guide all its operations. By joining Sumarse, Ocean RE will have access to best practices and tools that it can implement progressively, as well as receive comprehensive guidance.

This union will enable both organizations to share knowledge and experiences, fostering the implementation of good practices in corporate social responsibility. Thanks to this inclusion, Ocean RE will benefit from Sumarse’s comprehensive vision and multidimensional approach to sustainability, providing new perspectives and practices that will further strengthen its leadership in the market.

Ocean RE’s Progress in Corporate Social Responsibility

Ocean International Reinsurance Company Limited, known as Ocean RE, continues to excel in the global reinsurance industry by driving innovation and sustainability. In 2023, the company entered into a strategic agreement with Moody’s RMS, a leader in catastrophe risk solutions and models, allowing them to incorporate RMS applications such as Risk Modeler and ExposureIQ to enhance business development opportunities and expand their client portfolio.

These high-quality and adaptable tools will provide a strategic view of risk and strengthen portfolio accumulation and management, offering Ocean RE’s clients valuable support in decision-making.

In addition to their technological focus, Ocean RE stands out for its strong commitment to sustainability and corporate responsibility. The company has established corporate governance principles that follow 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 aims to create and provide knowledge to effectively address these critical aspects.

Furthermore, Ocean RE employs key elements of an Environmental Resources Management (ERM) process. This includes a robust 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 businesses and society face today.

In line with its sustainable vision, Ocean RE, as a member of the World Compliance Association (WCA), recognizes the importance of regulatory compliance in corporate culture. They engage in joint awareness activities, participate in open forums, conferences, and events, and promote practical workshops for interpreting the legal framework. They also exchange experiences with other members and specialized commissions in the field of regulatory compliance.

Through these actions, Ocean RE reaffirms its commitment to corporate social responsibility, demonstrating its ability to face the challenges of the future and contribute to the well-being of society and the environment.

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