Brown & Brown (Europe), a unit of US insurer Brown & Brown, has reached an agreement to buy UK-based Occam Underwriting.
Brown & Brown did not disclose the financial value of the deal, which has received clearance from the regulator.
Based in London, Occam is a managing general agent (MGA) and a Lloyd’s Coverholder.
Occam’s business comprises two specialist MGAs that include international space-focused Occam Underwriting and Beech Underwriting, which is focused on the UK terrorism and property sector.
Since 2021, the acquired company has been majority-owned by Hudson Structured Capital Management (HSCM).
According to the agreement, Occam will join the MGA business of Brown & Brown Europe, which also consists of Camberford Underwriting and Plum Underwriting.
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Occam Underwriting space and aviation director Phil Duffin will continue to lead the space division, supported by space underwriter Jack Kenneally.
Senior terrorism underwriter Andrew Woodhams, who is supported by senior property underwriter Matt Gates, will also continue in their roles within Beech Underwriting.
Brown Europe MGA division head Clive Nathan said: “Occam sits exactly in our appetite for specialist underwriters with deep experience of the niches they cover.
“This transaction follows our deal to acquire life sciences specialist Nucleus Underwriting earlier this year, and Occam meets the same criteria; not only focused on niche and specialist but also with an entrepreneurial management team and an appetite to grow.”
HSCM Bermuda managing partner Michael Millette said: “We believe that Brown & Brown is the best possible home for Occam to enable the business to make the most of its considerable experience in the next phase of its story. Brown & Brown will be excellent custodians for the business, the team, our customers and its people.”
In July, the wholesale insurance business of Brown & Brown’s wholesale insurance business Bridge Specialty Group reached an agreement to purchase New England Excess Exchange (NEEE) assets.