Hudson Structured Capital Management, the reinsurance, insurtech and insurance-linked securities (ILS) focused asset manager, has doubled-down on its investment in managing general agent Occam Underwriting, by taking a majority stake in the company.
Hudson Structured Capital Management, doing its reinsurance related investment business as HSCM Bermuda, took a stake in Occam Underwriting, the specialist lines-focused Managing General Agency (MGA), back in 2017 when it was called Sciemus.
Rebranded as Occam Underwriting in 2018, the MGA provides Hudson Structured with an origination focused access point to specialist insurance and reinsurance risks from the Lloyd’s market and elsewhere, as well as an equity investment opportunity.
Now, Hudson Structured Capital Management has recently completed an investment to become the majority shareholder in Occam Underwriting, a move designed to fund further growth and expansion of the MGA.
Hudson Structured wants to help Occam expand into new lines of complex risk, by attracting additional talent and upgrading the company’s technology platforms as well.
To begin this expansion, Occam has added Steve Hart as Director and Head of Trade Credit, Political Risk, Surety and Terrorism reinsurance business. Hart was most recently employed at Vibe Syndicate Management, where he was Head of Specialty Reinsurance and has over 30 years’ industry experience.
Hart has already started to build out a new business at Occam in each of these related specialty insurance and reinsurance product lines.
The idea is to provide Occam clients with access to wider markets and additional risks, while of course sourcing risks in an efficient manner, some of which may also suit the Hudson Structured reinsurance and ILS strategies.
Occam Chief Executive Officer Mark Fisher commented, “I am delighted that HSCM has further demonstrated its tremendous support for the team at Occam with its move to become our majority shareholder. As evidenced by the recent announcement of our expansion into the renewable energy market, the additional investment provided will help enable the company to move forward at pace with its planned growth strategy. It is an exciting time for Occam, and I look forward to working with Steve Hart as he builds out our Trade Credit, Political Risk, Surety and Terrorism reinsurance business.”
HSCM Founder and Managing Partner Michael Millette added, “We are delighted to take a lead as Occam repositions its business into renewables on the energy side, and into trade credit and political risk. We are excited about additional opportunities that we are considering.”
Hart also said, “I am delighted to have joined Occam during these challenging but exciting times in our industry. The current trading environment is not without its challenges, but the solid investment from Hudson and the combined underwriting expertise that Occam has acquired and continues to add to means we are primed and perfectly placed to develop our business in this next stage of its evolution.”
Owning or partnering with MGA’s has long been attractive for ILS fund managers and other types of reinsurance investor.
For Hudson Structured the investment in Occam has secured it an origination focused MGA platform that is also a Lloyd’s Coverholder, providing it with an efficient route to source specialty lines business linked returns, as well as a potential private equity like return on its investment.