Occam Underwriting, the specialist lines focussed Managing General Agency (MGA), that counts reinsurance and insurance-linked securities (ILS) investor Hudson Structured Capital Management (HSCM) as its majority owner, has now completed its acquisition of terrorism risk focused MGA Beech Underwriting Agencies Ltd.
The acquisition by Occam, which was announced last year, was supported by majority investor Hudson Structured Capital Management Ltd., undertaking its reinsurance related business as HSCM Bermuda.
Approval for the acquisition of Beech Underwriting Agencies has now been received from the Financial Conduct Authority (FCA), meaning the deal can close and Occam gets an expansion into terrorism risk underwriting with an experienced team joining the firm.
Beech Underwriting is an approved Lloyd’s cover-holder and has been a market leader in the placement of Terrorism and other specialist related insurance for more than 20 years.
Occam Chief Executive Officer Mark Fisher commented, “Everyone at Occam is delighted that Beech Underwriting is now part of the Occam Group. The team at Beech have built a very successful MGA, with agents throughout the UK, and we can now look ahead to developing and supporting them moving forward. They have a strong relationship with an established panel of Underwriters that the management team at Occam are also looking forward to working with.”
Beech Underwriting Agencies Managing Director Geoff Stilwell added “The whole team here at Beech are very excited to be going forward with Occam. Beech has enjoyed fantastic support from the market over the years and we look to continue to grow and firmly establish Beech as the market leader in Terrorism insurance.”
The acquisition is a continuation of Occam’s strategy to expand into additional types of specialty lines insurance or reinsurance business in the Lloyd’s market, moves which could ultimately also see risk produced for the HSCM investment strategies, of HSCM capital used to support its portfolios.
Occam aims to to diversify further into new lines of business with the continued support of majority backer Hudson Structured Capital Management.
“We are excited to be adding the Beech team and business to Occam. They have built a business on thought leadership, in the same spirit as ours, and we believe the two together are positioned for substantial growth,” Michael Millette, Managing Partner at HSCM Bermuda explained.