Occam Underwriting, the specialist lines focussed Managing General Agency (MGA), has announced it is acquiring Beech Underwriting Agencies Ltd., subject to Financial Conduct Authority (FCA) approval.
Beech Underwriting is an approved Lloyd’s coverholder led by Geoff Stillwell, which has been a market leader in the placement of terrorism and other specialist related insurance for over 20 years.
Occam Chief Executive Officer Mark Fisher said, “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 said, “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 continue to be led by Mr. Stilwell, Andrew Woodhams and Matt Gates from their Maidstone offices.
The acquisition is the continuation of Occam’s strategy to diversify into additional lines of business with the continued support of Hudson Structured Capital Management Ltd., doing its re/insurance business as HSCM Bermuda (“HSCM”), an asset manager specialising in the re/insurance and transportation sectors. In August, Occam – which currently specialises 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 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.