Statera Managing Agency Limited, which is a subsidiary of Octave Ventures, has received regulatory approval to operate as a Lloyd’s managing agent. It will manage syndicates 4242 and 1416, which underwrite specialty risks produced through their strategic relationship with Octave Ventures, a division of Octave Specialty Group, Inc.

Previously, Asta Managing Agency Limited managed the syndicates with Octave Ventures providing strategic and operational input under a management agreement.

Scott Fordham, chief executive officer of 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.”