Occam Underwriting, the London-based specialist lines focused managing general agency (MGA), announced it is acquiring Beech Underwriting Agencies Ltd., subject to UK regulatory approval.
Beech Underwriting is an approved Lloyd’s coverholder, led by Geoff Stillwell. The company has been a market leader in the placement of terrorism and other specialist-related insurance for more than 20 years.
Financial terms of the transaction were not disclosed.
“I am very pleased to welcome Beech Underwriting to the Occam group as we continue with our planned expansion. Beech have built a very successful MGA with agents throughout the UK, and I look forward to developing and supporting the business moving forward,” commented Occam Chief Executive Officer Mark Fisher, who said there is a good cultural fit between the two MGAs.
“By partnering with Beech’s well-established panel of underwriting partners we will continue to provide all our agents with the right product for the right client,” Fisher added.
“The whole team here at Beech is really excited about going forward with Occam. This will enable Beech to continue to grow and firmly establish itself as ‘the’ market leader in terrorism insurance,” said Beech Underwriting Agencies Managing Director Geoff Stilwell, who launched the company in 2001.
“On a personal level, I am extremely proud of what everyone at Beech has contributed and achieved over the past 20-plus years,” Stilwell continued. “Joining the Occam group will enable Beech to continue to provide the products and service all our agents have enjoyed since we started way back in 2001”.
The Beech team will continue to be led by Stilwell, Andrew Woodhams and Matt Gates from their Maidstone offices.
Occam said the acquisition is a continuation of its strategy to diversify into additional lines of business with the continued support of Hudson Structured Capital Management Ltd., which operates its re/insurance sector business as HSCM Bermuda (HSCM).
In August, Occam – which currently specializes in space and energy risk – announced it had hired Oliver Litterick as director and head of Low Carbon Energy, as it pivots towards insuring the renewable energy industry, and Steve Hart as director and head of its newly formed Trade Credit, Political Risk, Surety and Terrorism reinsurance business.
“We are delighted to see Occam expanding its reach in the Lloyd’s market with the acquisition of Beech,” added Michael Millette, managing partner at HSCM Bermuda. “We have been supporters of the team at Occam for more than four years now and are thrilled with their successful efforts to expand. We look forward to continuing to grow our relationship with Mark and the Occam team.”
About Occam Underwriting
Occam Underwriting is an independent London-based MGA and Lloyd’s coverholder that specialises in cover for complex risks. Each of Occam’s teams is led by an industry expert, offering clients direct access to high-level technical expertise.
Source: Occam Underwriting
Topics Catastrophe Mergers & Acquisitions Natural Disasters Agencies Underwriting Insurance Wholesale
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