Oka, The Carbon Insurance Company
Specialty climate transition insurer protecting carbon credit buyers and green finance participants
Overview
Oka, The Carbon Insurance Company is a specialty insurance provider operating as Lloyd's of London Syndicate 1922, offering first-of-its-kind insurance products for the voluntary carbon market (VCM) and green finance transactions. Founded in 2023 by Chris Slater, formerly co-founder and COO of Simply Business (acquired by Travelers in 2017), the company focuses on de-risking climate transition finance for carbon credit buyers, developers, banks, investment funds, and project financiers worldwide.
The company's core products cover post-issuance carbon credit risks including project failure, registry reversals, and integrity failures. Oka also provides the world's first insurance solution for voluntary carbon credits traded into compliance markets under Article 6 of the Paris Agreement, and Basel-compliant project loan insurance for green and blue bond financing. The company combines Lloyd's institutional capacity with proprietary AI risk modeling and modern policy administration via the Socotra platform.
Oka has raised USD 17.0M across two seed rounds from Aquiline Capital Partners, firstminute capital, and Overview Capital. The company has established partnerships with Lloyd's syndicates Apollo and Hiscox for reinsurance capacity, Greenlight Capital Re as a three-year capacity provider, and Cloverly for enterprise carbon credit distribution serving over 300 global enterprises. Oka received the inaugural "Launch of the Year" award at the British Insurance Technology Awards in 2024 and was recognized in both the INSURTECH100 and ESGFINTECH100 rankings.
Products & Services
Carbon Protect
Financial compensation insurance covering post-issuance carbon credit risks. Provides assured recovery value to buyers when unforeseeable and unavoidable events occur such as project failure, reputational damage, or integrity issues.
Key Features
- Post-issuance credit risk coverage
- Compensation for project failure and reputational damage
- Integrity failure protection for carbon credit buyers
Target Users: Carbon credit buyers, traders, exchanges, investment funds
Corresponding Adjustment Protect
The world's first insurance solution for voluntary carbon credits traded into compliance markets under Article 6 of the Paris Agreement. A registry-approved policy that mitigates sovereign revocation risk and covers corresponding adjustment failures.
Key Features
- Registry-approved policy framework
- Sovereign revocation risk mitigation
- Coverage for Article 6 compliance trading
Target Users: Carbon market participants trading into compliance frameworks
Reversal & Invalidation Protection
Post-issuance credit integrity insurance protecting against credit cancellation and registry reversals, designed for voluntary carbon market buyers.
Key Features
- Registry reversal protection
- Credit invalidation coverage
- Voluntary carbon market focus
Target Users: VCM credit buyers, carbon asset managers
Green Credit Insurance
Basel-compliant project loan insurance launched in August 2025, covering borrower default and non-payment on green and blue bond financing, sustainability-linked loans, and credit guarantees for climate transition initiatives.
Key Features
- Basel-compliant coverage structure
- Green and blue bond protection
- Sustainability-linked loan guarantees
Target Users: Banks, project financiers, green bond issuers
At a Glance
- Founded
- 2023
- Headquarters
- London, United Kingdom
- Employees
- 51-200
- Funding
- Seed
Category & Focus
- Category
- Specialty Solutions
- Subcategories
- Parametric insurance Green finance Carbon market risk
- Insurance Verticals
- Specialty/E&S Reinsurance
- Target Customers
- Carriers, Reinsurers, Brokers
Customers
- Cloverly (enterprise carbon platform)
- 1089 Inc. (carbon asset and advanced fuels)
Links
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Last updated: 2026-06-16