Occam mulls major expansion in Lloyd’s market with acquisition of MGA Beech
London-headquarterd managing general agency (MGA) Occam Underwriting has acquired terrorism-focused MGA Beech Underwriting Agencies as part of its strategic expansion plan.
Occam is an independent MGA and Lloyd’s coverholder that specialises in cover for complex risks. Beech is an approved Lloyd’s coverholder led by Geoff Stillwell (pictured left), which specialises in the placement of terrorism and other specialist related insurance for over 20 years.
Following the deal, Beech's team will continue to be led by Stilwell, Andrew Woodhams and Matt Gates from their Maidstone offices.
Occam said the acquisition is a part of its strategy to diversify into additional lines of business with the continued support of Hudson Structured Capital Management (HSCM Bermuda).
“I am very pleased to welcome Beech Underwriting to the Occam group as we continue with our planned expansion,” said Occam chief executive officer Mark Fisher (pictured right).
“Beech has 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.”
Stilwell, Beech's managing director, 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.”
Michael Millette, managing partner at HSCM Bermuda, commented: “We are delighted to see Occam expanding its reach in the Lloyd’s market with the acquisition of Beech. 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.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
