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Statera Managing Agency Ltd. announced it 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 its strategic relationship with Octave Ventures, a division of Octave Specialty Group Inc.

The syndicates 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, Statera said.

Previously, the syndicates’ managing agent was Asta Managing Agency Ltd., with Octave Ventures guiding the strategy and delivering day-to-day operations under a management agreement. The launch of Statera, a subsidiary within Octave Ventures, brings full Lloyd’s management capabilities in-house, eliminates critical third-party dependencies, and further enhances the ability to connect risk and capital.

“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,” commented Scott Fordham, chief executive officer of Statera, in a statement.

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

Source: Statera Managing Agency

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