Octave Ventures secures Lloyd’s approval for new managing agent

Octave Ventures-owned Statera Managing Agency has received regulatory approval to act as a Lloyd’s Managing Agent.

Statera will manage Syndicates 4242 and 1416, which currently underwrite specialty risks produced through their strategic relationship with Octave Ventures.

Prior to the approval, the Syndicates’ managing agent was Asta Managing Agency, with Octave Ventures guiding the strategy and delivering day-to-day operations under a management agreement.

The launch of Statera brings full Lloyd’s management capabilities in-house, eliminates critical third-party dependencies and further enhances the ability to connect risk and capital.

‘Significant milestone’

The Syndicates will benefit from Lloyd’s A+ financial strength rating, global licenses and flexible access to capital from a diverse investor base comprising reinsurers, high net worth individuals and institutional investors.

Commenting on the approval, Scott Fordham, chief executive at Statera, said: “This is a significant milestone. 

“While we have long been actively managing the Syndicates, becoming a Lloyd’s Managing Agent enhances our capabilities and further enables us to add value to the Lloyd’s market.

”We expect a seamless transition of Syndicate management with minimal operational change, as Octave Ventures already provides much of the infrastructure supporting the Syndicates.”