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The relationship adds capacity to Oka’s green credit insurance line, expanding support for transition finance transactions.
Oka today announced an underwriting relationship with Greenlight Innovation Syndicate 3456 to support the expansion of its green credit insurance business. The relationship brings together Oka’s specialist underwriting expertise in green and transition finance with Greenlights Re’s Lloyd’s platform, adding new capacity to a credit market where additional capital is essential to accelerate the transition to a sustainable world .
The relationship supports insurance solutions across green credit exposures: transition project financing (including both carbon-credit and clean-energy generation); green and blue financing; sustainability-linked financing; letters of credit and counter indemnities; and loans to climate and carbon leaders. By combining underwriting discipline with scaled balance sheet support, Oka can back a broader range of transactions while supporting our insureds through risk selection and bespoke structures.
Oka will continue to deploy its existing syndicate capacity, while also providing clients access to Greenlight Innovation Syndicate 3456 where appropriate, ensuring solutions are aligned with individual transaction requirements. This provides greater flexibility for banks, asset managers, multilaterals and corporates, enabling risk transfer, capital relief and improved execution certainty as demand grows for green credit risk transfer.
Greenlight Re's Head of Innovations, Brian O'Reilly, commented: “Oka has built a clear value proposition in this space, underpinned by specialist underwriting and disciplined risk selection. Greenlight Re is pleased to provide support through its Lloyd’s platform to help scale the offering."
Oka CEO Chris Slater added: “Green and transition finance is scaling fast, but structuring and risk transfer still bottleneck execution. Partnering with Greenlight reinforces our underwriting with institutional-grade capacity, enabling bespoke cover, quicker placement, and stronger capital relief for banks, investors, and corporates.”
For more information, please contact media@carboninsurance.co.