Oka, The Carbon Insurance Company
Oka, The Carbon Insurance Company is a specialty climate transition insurer providing CORSIA-eligible credit cover, reversal and invalidation protection, and non-payment insurance for carbon developers, exchanges, and green financiers, underwriting via Lloyd's of London.
- Company typePrivate
- Founded2022
- HeadquartersPark City, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Oka, The Carbon Insurance Company does
Oka, The Carbon Insurance Company is a specialty climate transition insurer founded in 2022 and headquartered in Park City, Utah (incorporated in California). The company provides insurance products that transfer hard-to-place risks in voluntary and compliance carbon markets, including Corresponding Adjustment Protect (CAP) — a world-first Article 6 policy approved by both Verra and Gold Standard that insulates carbon project developers against host-country revocation risk for CORSIA eligibility — as well as Reversal & Invalidation cover for post-issuance credit integrity and Non-Payment insurance for sustainable financing. Oka underwrites all policies through Lloyd's of London using capacity from Syndicates 1922, Apollo, Hiscox, and Greenlight Innovation Syndicate 3456, and distributes via brokers including Guy Carpenter, Lockton, Howden, and Price Forbes.
The company's technology stack centers on a proprietary AI-powered underwriting platform built in partnership with Socotra, which has supported the launch of two new insurance products in 12 months. The platform is described as Lloyd's-grade and enables real-time policy issuance, risk modeling, and claims processing for complex carbon and climate transition exposures. In 2025 Oka became the only insurer with registry-approved CORSIA policies from both major carbon standards, and ICAO documentation expressly recognizes its products.
Oka's revenue model is built on insurance premiums earned on insured credit volumes and risk transfer arrangements, with bespoke per-policy pricing determined by project risk profile, credit volume, and coverage scope. The company has raised approximately $19.6M in total funding across seed, growth, and follow-on rounds led by Aquiline Technology Growth, Aquiline Capital Partners, firstminute capital, and Overview Capital. Customer concentration is anchored on enterprise carbon developers (DelAgua, BURN, Spouts, Bridge Carbon, GasGreen Asia) and exchanges (BACX, 1089), with insured credit volumes reaching 6.3M in Q1 2026 and a 45M-credit pipeline. The company operates globally with particular strength in U.S., Sub-Saharan Africa, and Latin America, employing 11-50 staff.
Oka, The Carbon Insurance Company firmographics
Firmographics- Name
- Oka, The Carbon Insurance Company
- Legal name
- Carbon Insurance, Inc.
- Website
- https://carboninsurance.co
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Oka, The Carbon Insurance Company is a specialty climate transition insurer providing CORSIA-eligible credit cover, reversal and invalidation protection, and non-payment insurance for carbon developers, exchanges, and green financiers, underwriting via Lloyd's of London.
- Ownership category
- akta.pro rank
Oka, The Carbon Insurance Company industry classification
Industry- Product category
- Specialty Climate Insurance
- NAICS
- Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Fire, Marine & Casualty Insurance (6331)
- akta.pro primary industry
- Supply Chain (Scope 3) Emissions & Supplier Engagement Platforms (EUABAEAE)
Keywords
Where Oka, The Carbon Insurance Company is headquartered
LocationHeadquarters
- HQ city
- Park City
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Oka, The Carbon Insurance Company business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Carbon Credit Insurance Premiums: Oka earns insurance premiums from underwriting carbon credit risks including reversal/invalidation, corresponding adjustment, and non-payment coverage. Policies are underwritten via Lloyd's of London with capacity support from syndicates Apollo and Hiscox. The company earns fees on insured volumes and risk transfer arrangements.
- Green Finance / Credit Underwriting: Revenue from green credit insurance covering transition project finance, green and blue bonds, sustainability-linked structures, and climate-focused lending. Expanded via the hire of James Morrell as Head of Credit Underwriting and support from Greenlight Re's Lloyd's platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom insurance policies — pricing based on project risk assessment |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels8 records
Oka, The Carbon Insurance Company product offering
Product offeringCore offering
Oka is a specialty climate transition insurer that provides cover for carbon and clean-energy deals through Lloyd's of London. It underwrites three primary insurance products: Corresponding Adjustment Protect (CAP) for CORSIA-eligible credits, Reversal & Invalidation cover for post-issuance credit integrity, and Non-Payment cover for sustainable financing. The company enables carbon developers, exchanges, and financial institutions to de-risk transactions and mobilize capital toward climate solutions.
Differentiator
Problem solved
Functional benefit
Products and services
- Corresponding Adjustment Protect (CAP) Insurance that insulates carbon project developers against sovereign revocation risk under CORSIA, protecting against host-country withdrawal of trading authorisations and failure to deliver the corresponding adjustment needed for CORSIA eligibility. Registry-approved (Verra, Gold Standard) and underwritten via Lloyd's of London.
- Reversal & Invalidation Insurance Post-issuance credit integrity insurance for carbon developers, exchanges, and buyers, protecting against credit cancellation. Insurance-wrapped credits command a price premium and contain balance sheet exposure.
- Non-Payment Insurance Specialist non-payment cover for sustainable financing that protects lenders, banks, and insurers against borrower default, securing Basel-compliant capital deployment across sustainability-linked contracts and transition projects.
- Insurance-Wrapped Exchange-Traded Carbon Credits (with BACX)
- Insured Carbon Asset Framework (with 1089 and Price Forbes)
Quantifiable outcome
- 6.3 million CORSIA-eligible carbon credits insured in Q1 2026 alone
- +3 more outcomes
Companies that use Oka, The Carbon Insurance Company
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles4 records
Oka, The Carbon Insurance Company technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature5 records
Oka, The Carbon Insurance Company partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core, minor and flagship.
- Greenlight Innovation Syndicate 3456corePartnership combines Oka's specialist underwriting in green and transition finance with Greenlight Re's Lloyd's platform to add capacity to the green credit insurance market where risk transfer is critical to execution.
- Michael Naylor (Board)minorBoard member with deep experience across sustainable infrastructure and energy transition ventures. Prior chair of Jupiter Green Investment Trust and co-founder of Ocior Energy. Provides operating and investment experience as Oka scales.
- Price ForbescoreInsurance broker and partner in the insured carbon asset framework for Advanced Fuels Credits alongside Oka and 1089, bringing Lloyd's-backed risk transfer to transportation and energy decarbonisation sectors.
- BACX (Bolsa Argentina de Carbono)flagshipIndustry-first partnership to embed invalidation cover directly into afforestation and reforestation carbon credits listed on the Argentinian exchange. The world's first pre-insured exchange-traded carbon credits, establishing a new precedent in carbon markets.
- LocktoncoreGlobal insurance broker that brokered the BACX partnership. David Briscoe, Head of Digital Integration & Special Projects at Lockton London, commented on the transformative shift of connecting corporate capital to carbon markets.
- iTOOcoreSpecialist insurer focused exclusively on climate transition-related industries. Partnership provides Oka access to projects and lenders across most of Africa's 54 countries via regional licences and a 900-strong broker network.
- James Morrell (Head of Credit Underwriting)minorAppointed Head of Credit Underwriting with over 18 years of specialised underwriting expertise in credit and political risk from HDI Global Specialty SE, Beazley, and Brit. Spearheads green credit insurance expansion and enables Oka to write more traditional credit lines within clean energy markets.
- Lloyd's Syndicate 1922coreLloyd's Syndicate 1922 underwrites Oka's Corresponding Adjustment Protect policy, providing the primary insurance capacity for the Article 6/CORSIA insurance product.
- Apollo Syndicate / HiscoxcoreLloyd's syndicates Apollo and Hiscox provide capacity support for Oka's global lineslip covering carbon markets. The arrangement expands insurance capacity for CORSIA and Article 6 products.
- Guy CarpentercoreLeading insurance broker facilitating the Lloyd's lineslip arrangement, connecting Oka with Lloyd's capacity providers for carbon market insurance products.
- SocotracoreStrategic technology partnership combining Oka's AI capabilities with Socotra's policy technology platform. The collaboration has supported the launch of two new insurance products in 12 months, bringing specialist insurance infrastructure to carbon markets.
- DelAguaflagshipLargest customer and strategic partner — clean cooking project developer in Sub-Saharan Africa. First developer to use Oka's Corresponding Adjustment Protect policy on its biggest sale to date. DelAgua's CORSIA credits were the first Verra-tagged credits via CAP.
- David Antonioli (Advisory Board)minorFormer Verra CEO joined Oka's advisory board to help shape policy coverage as rules and market needs evolve, including the Article 6 route to market. Brings deep expertise in international carbon markets and registry operations.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Oka, The Carbon Insurance Company competitors and assessment
Company assessmentEmerging players
- Sylvera: Sylvera provides independent carbon credit ratings, project data, and analytics used by corporates, registries, and traders to assess carbon asset quality. It is comparable to Oka as a risk-assessment peer for the carbon markets, though Sylvera sells ratings and data rather than insurance capacity.
- Renoster: Renoster is a carbon project analytics and risk platform providing satellite-based monitoring and credit-quality assessment for nature-based carbon projects. It is comparable to Oka as an adjacent risk-infrastructure peer serving carbon developers, exchanges, and financiers.
- Carbonfuture: Carbonfuture is a digital carbon credit platform focused on high-integrity removal credits with end-to-end issuance, registry, and retirement workflows. It is comparable to Oka as an emerging carbon-market-infrastructure peer serving developers, exchanges, and corporate buyers, with overlap in the integrity-and-assurance theme that drives insurance demand.
- BeZero: BeZero is a carbon credit ratings agency that assesses credit quality and invalidation risk across the voluntary carbon market. While not an insurer, BeZero's ratings directly inform the underwriting inputs Oka uses for its Reversal & Invalidation product, making it an adjacent pricing-and-risk peer.
Broad incumbents
- MSCI Carbon Markets: MSCI provides carbon credit pricing data, indices, and analytics used by institutional investors and corporates. It is comparable to Oka as an incumbent market-infrastructure peer serving the same buyer and investor base, though MSCI focuses on data and benchmarking rather than risk transfer.
- S&P Global Commodity Insights (Carbon): S&P Global Commodity Insights operates the S&P Carbon Markets Conference and provides benchmark carbon pricing, analytics, and registry-grade data globally. It is comparable to Oka as an incumbent infrastructure peer operating across carbon markets, though at much broader data and intelligence scale rather than insurance.
Others
- South Pole: South Pole is a major carbon project developer and climate solutions provider selling credits and advisory services to corporates. It is comparable to Oka's developer customers (e.g., DelAgua, BURN) and represents the buyer-side counterparties in Oka's target market, though not a direct insurance competitor.
- Verra: Verra operates the world's largest carbon credit registry (VCS) and approved Oka's CAP policy for CORSIA. Verra is both a critical distribution channel and a governance counterparty to Oka — comparable as a registry-infrastructure peer whose rules shape Oka's product eligibility.
- Gold Standard: Gold Standard is a leading carbon credit registry that approved Oka's CAP as an official CORSIA insurer. It is comparable to Verra in registry role and constitutes a peer infrastructure relationship governing Oka's product-market access in the voluntary and CORSIA markets.
Direct peers
- Kita: Kita is a carbon credit insurance specialist covering project delivery, permanence, and counterparty risks for voluntary and compliance carbon markets. It is the most directly comparable carbon-insurance peer to Oka in product scope and target customer (carbon developers and credit buyers).
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Oka, The Carbon Insurance Company social profiles
Digital presenceOka, The Carbon Insurance Company financial estimates
Financial estimateRevenue estimate
Valuation estimate
Oka, The Carbon Insurance Company leadership team
Management profileNumber of profiles
Profiles8 records
Oka, The Carbon Insurance Company subsidiaries and ownership
Company hierarchySubsidiaries1 record
Oka, The Carbon Insurance Company funding detail
Funding detailFunding overview
Funding rounds3 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Oka, The Carbon Insurance Company M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Oka, The Carbon Insurance Company
What does Oka, The Carbon Insurance Company do?
Oka is a specialty climate transition insurer that provides cover for carbon and clean-energy deals through Lloyd's of London. It underwrites three primary insurance products: Corresponding Adjustment Protect (CAP) for CORSIA-eligible credits, Reversal & Invalidation cover for post-issuance credit integrity, and Non-Payment cover for sustainable financing. The company enables carbon developers, exchanges, and financial institutions to de-risk transactions and mobilize capital toward climate solutions.
Is Oka, The Carbon Insurance Company a public or private company?
Oka, The Carbon Insurance Company is a private company. It is classified as venture growth investor backed and is currently operating.
When was Oka, The Carbon Insurance Company founded?
Oka, The Carbon Insurance Company was founded in 2022. It employs 11 to 50 people.
Where is Oka, The Carbon Insurance Company based?
Oka, The Carbon Insurance Company is headquartered in Park City, United States, in the North America region.
How does Oka, The Carbon Insurance Company make money?
Two revenue lines are on record. Carbon Credit Insurance Premiums are the primary driver. The others are green Finance / Credit Underwriting.
Who are Oka, The Carbon Insurance Company's main competitors?
Emerging players on record are Sylvera, Renoster, Carbonfuture and BeZero. Broad incumbents are MSCI Carbon Markets and S&P Global Commodity Insights (Carbon). Others are South Pole, Verra and Gold Standard. Kita is listed as a direct peer.
Does Oka, The Carbon Insurance Company have an API?
No public API is recorded for Oka, The Carbon Insurance Company.
What industry is Oka, The Carbon Insurance Company in?
Oka, The Carbon Insurance Company's product category is Specialty Climate Insurance. Its primary akta.pro industry code is EUABAEAE, Supply Chain (Scope 3) Emissions & Supplier Engagement Platforms. Its NAICS code is 5242 and its SIC code is 6331.