Occam Underwriting, a specialist lines focussed Managing General Agency (MGA), is acquiring terrorism risk focused MGA Beech Underwriting Agencies Ltd., in a move supported by Hudson Structured Capital Management (HSCM).
Insurance-linked securities (ILS), insurtech and reinsurance investor Hudson Structured Capital Management Ltd., which enters into its insurance and reinsurance investment business as HSCM Bermuda, took a majority stake in Occam Underwriting earlier this year.
The strategy is to help Occam expand into additional types of specialty lines insurance or reinsurance business in the Lloyd’s market, which could also see risk produced for the HSCM investment strategies.
This latest acquisition by Occam sees the MGA growing its business into the business line of terrorism, a significant opportunity in the Lloyd’s marketplace.
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.
The company is led by Geoff Stillwell and Occam’s acquisition of Beech Underwriting remains subject to Financial Conduct Authority (FCA) approval.
Occam Chief Executive Officer Mark Fisher commented on the news, “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. There is a good cultural fit between Beech and Occam and we will work closely together. 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”.
Beech Underwriting Agencies Managing Director Geoff Stilwell 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. On a personal level I am extremely proud of what everyone at Beech has contributed and achieved over the past 20 plus years. 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 remain under the leadership of Stilwell, Andrew Woodhams and Matt Gates from their Maidstone offices.
This acquisition is seen as a continuation of Occam’s strategy to diversify into new lines of business with the continued support of Hudson Structured Capital Management Ltd.
Already this year, Occam, which remains a specialist in its core business lines of space and energy risk, hired Oliver Litterick as Director and Head of Low Carbon Energy, pivoting towards insuring the renewable energy industry, and Steve Hart as Director and Head of a newly-formed Trade Credit, Political Risk, Surety and Terrorism reinsurance practice.
Adding terrorism risk underwriting expands that further, with a continued focus on shorter to medium tailed lines of specialty insurance or reinsurance business. Areas of the market with appeal to an investor like HSCM.
“We are delighted to see Occam expanding its reach in the Lloyd’s market with the acquisition of Beech,” explained Michael Millette, Managing Partner at HSCM Bermuda. “We have been supporters of the team at Occam for more than 4 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.”
By putting capital behind a specialist originator like Occam and helping it to expand its business, HSCM benefits from partnership and a stake in a firm with growing access to specialty lines in the Lloyd’s and London market, an appealing area for more diversified ILS strategies.