Occam Underwriting, the specialist lines focussed Managing General Agency, has announced that it has completed the acquisition of Beech Underwriting Agencies Limited having received the required approval from the Financial Conduct Authority (FCA).
Beech Underwriting is an approved Lloyd’s cover-holder that 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: “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 said: “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 the continuation of Occam’s strategy to diversify into additional specialised lines of business and is supported by majority investor 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.
“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,” said Michael Millette, Managing Partner at HSCM Bermuda.