Oka receives Lloyd's in principle approval for Asta-managed SIAB 1922

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Oct 17, 2023, 10:00 ET

LONDON and PARK CITY, Utah, Oct. 17, 2023 /PRNewswire/ -- Asta, the leading third-party managing agent at Lloyd's, and Oka, the Carbon Insurance Company (Oka), are pleased to announce that Lloyd's has granted 'in principle' approval for Oka syndicate-in-a-box (SIAB) 1922. Oka is targeting commencing underwriting from January 2024.

Oka syndicate 1922 introduces an insurance solution specifically designed to protect against buyer-side carbon credit risks, including financial, reputational, regulatory, and climate risks. Ultimately, this will support the development of the voluntary carbon market (VCM) and facilitate investment, helping it achieve the growth rate required to scale the VCM to meet critical climate targets.

The volume of carbon credit purchases has quadrupled over the past four years, with the market expected to grow exponentially as corporations make commitments to achieve net zero targets as a priority.

Chris Slater, Oka founder and chief executive officer, said: "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."

Lorraine Harfitt, chief executive officer of Asta, added: "It has been a pleasure working with the team at Oka, and we look forward to continuing to partner with them as they begin this exciting new stage. Oka has a diverse and experienced leadership team with a proven track record of building scale insurance businesses. 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."

Original Asta press release

Press enquiries:

Damian Beeley / Olivia Fatkin-Kane / Bec Seaton

[email protected]

+44 (0)207 562 4444

Notes to Editors:

About Asta:

Asta Managing Agency Ltd is the leading third-party managing agent at Lloyd's and is responsible for 12 syndicates, five SIABs and one SPA, with capacity under management in 2023 of more than £2.2bn:

− Syndicate 2525 (Ive)

− Syndicate 2689 (Hampden Risk Partners)

− Syndicate 2786 (Everest)

− Syndicate 4242 and SPA 1416 (Beat)

− Syndicate 2288 (Victor)

− Syndicate 1609 (Mosaic)

− Syndicate 1988 (CFC)

− Syndicate 1892 (MPS)

− Syndicate 1699 (Volante)

− Syndicate 4747 (Carbon)

− Syndicate 1985 (Flux)

− Syndicate 1322 (Trium)

SIABs:

− Syndicate 3456 (Greenlight)

− Syndicate 2880 (OIC)

− Syndicate 1902 (MCI)

− Syndicate 5183 (MIC)

− Syndicate 1796 (Parsyl)

MGAs:

Asta Underwriting Management Limited (AUML) brings the skills, experience and capabilities of the leading third-party managing agency at Lloyd's to the MGA market.

MGAs under management:

− Arma Underwriting Limited

− Artes

− BPBUW Management (including David Ashby Underwriting)

− Paul Witzenfeld MG

About Davies
Davies delivers specialist professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation & risk, customer experience, human capital, digital transformation & change management. In February 2023 Davies announced it had simplified its operations and aligned the business across three operating units: Davies Global Solutions, Davies UK & Ireland, and Davies U.S. Davies has a 7,500+ strong team of professionals operating across ten countries, including the UK & the U.S., with headquarters in the City of London. Davies' investors are BC Partners, HGGC, AIMCo (acting on behalf of certain of its clients), and Davies' employees following BC Partners majority investment in March 2021, HGGC's investment in January 2017 and AIMCo's investment in January 2019. Over the past ten years Davies has grown its annual revenues more than 20-fold, invested heavily in research & development, innovation & automation, colleague development, and client service. Today the group serves more than 1,500 insurance, financial services, public sector, and other highly regulated clients. In the past year Davies has added more than 200 new accounts to its organic platform. In addition, Davies has successfully broadened and deepened its operations and digital capabilities via targeted acquisitions. Since the start of 2017 Davies has acquired: Cynergie, CMSL, Ambant, ServiceTick, TLSS, R&Q's insurance services business, Ember, Direct Group's claims businesses, Veriphy, USA Risk Group, TMS, GBB, Banwells, Frontier, FWD, ASC, Thornton Group, Keoghs, Codebase8, Citadel & Cedar Consulting, ContactParners, TriPlus, Johnson Claim Service, Vehicle Replacement Group, BMTS, Wakely Actuarial, Northshore International Insurance Services, DMS, NPA, Littleton, Grovelands, IAS, Asta, IRS, Sionic, Merlinos, BVS, Worksmart, ProAdjust, Johns Eastern, ClaimPilot, MVP Group, Afirm & Ortac Underwriting Agency's ("Ortac") insurance management services portfolio. More information is available at www.davies-group.com.

About BC Partners
In March 2021 Davies announced that BC Partners had signed a definitive deal to take a majority stake in the business, to support Davies next phase of international expansion and continued digital transformation. The BC Partners deal closed early in August, following receipt of regulatory approvals. BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: Healthcare, TMT, Business Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 126 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For more information, please visit www.bcpartners.com.

About HGGC 
HGGC is a leading middle-market private equity firm with $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 130 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of nearly $22 billion. More information, including a complete list of current and former portfolio companies is available at www.hggc.com.

About Alberta Investment Management Corporation ("AIMCo")
AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$115 billion of assets under management. AIMCo was established on January 1, 2008, with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta. AIMCo's head office is located in Edmonton, Alberta, with additional offices located in Toronto, London, and Luxembourg. AIMCo's Private Equity team comprises a dedicated group of experienced investment professionals and manages a private equity allocation of approximately C$6.0 billion. More information is available at www.aimco.alberta.ca.