McDermott Represents Oka, The Carbon Insurance Company™ in Connection with Lloyd’s and US Platforms and Cloverly Partnership to Launch First-Ever Insured Carbon Credits
International law firm McDermott Will & Emery represented Oka, The Carbon Insurance Company™ (Oka) in its launch of a Lloyd’s syndicate-in-a-box and US service company providing first-of-its-kind insurance protections against carbon credit risks. McDermott represents Oka in all aspects of its business including the negotiation of terms with Asta Managing Agency Ltd, the managing agent of the Lloyd’s syndicate and the de novo development with Oka of its innovative insurance product intended to protect against certain reversal and invalidation risks to buyers in the voluntary carbon credit market.
Oka’s partnership with Cloverly, the leading digital platform for climate action, is first to market with a new brand of credit that reduces the risk of carbon offsetting. The premium credits — available exclusively to 300+ global enterprises through Cloverly — come pre-wrapped in Oka insurance, providing reversal and invalidation protections for buyers of the carbon credits. Cloverly’s innovative platform together with Oka’s risk infrastructure creates a seamless and more secure route to climate action.
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