Oka granted "in-principle" Lloyd's approval for Asta-led SIAB 1922

Oka granted “in-principle” Lloyd’s approval for Asta-led SIAB 1922 | Insurance Business America

Environmental

Oka granted “in-principle” Lloyd’s approval for Asta-led SIAB 1922

It is targeting underwriting commencement from January 2024

Environmental

By
Kenneth Araullo

Asta, in collaboration with Oka, has announced that Lloyd’s has granted “in principle” approval for Oka syndicate-in-a-box (SIAB) 1922. The target for commencement of underwriting is set for January 2024.

Oka Syndicate 1922 introduces a tailored insurance solution designed to mitigate buyer-side carbon credit risks, encompassing financial, reputational, regulatory, and climate-related risks. Ultimately, this initiative aims to bolster the voluntary carbon market (VCM) by facilitating investment and supporting its growth to meet critical climate targets.

The volume of carbon credit purchases has quadrupled over the past four years, and the market is expected to experience exponential growth as corporations prioritise achieving net-zero targets.

“With the market for carbon credits rapidly growing, our mission at Oka is to ensure every credit is insured. Entry to Lloyd’s provides us with access to the world’s leading insurance marketplace, enabling us to keep pace with this evolving sector and the market’s substantial licence network to solve a global problem. Our partnership with Asta has been invaluable, with their experience in guiding new Lloyd’s entrants, making the process seamless and swift. Through our syndicate, we want to help insure the world’s transition to net-zero,” Oka founder and CEO Chris Slater said.

Asta CEO Lorraine Harfitt also said the third-party managing agent is looking forward to continued collaboration with the Oka team

“Oka has a diverse and experienced leadership team with a proven track record of building scale insurance businesses,” Harfitt said. “Having identified a clear gap in the market, access to Lloyd’s will allow them to capitalise on this opportunity. Due to the ESG nature of the insurance offering, this product responds to environmental imperatives and supports the reputation of the Lloyd’s market on innovation.”