UK-based specialist managing general agency (MGA) Occam Underwriting has acquired MGA Beech Underwriting Agencies for an undisclosed sum.
The acquired firm specialises in the placement of terrorism insurance and underwrites on behalf of Lloyds of London syndicates.
Occam CEO Mark Fisher said: “Beech has built a very successful MGA with agents throughout the UK and I look forward to developing and supporting the business moving forward.
“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”.
The acquisition is part of Occam Underwriting’s strategy to expand into new lines of business, with the support of Hudson Structured Capital Management (HSCM).
It specialises in space & energy risks as well as trade credit, political risk and surety reinsurance.
Beech Underwriting Agencies managing director Geoff Stilwell said: “This will enable Beech to continue to grow and firmly establish itself as the market leader in terrorism insurance.
“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.”
In August this year, HSCM acquired a majority stake in Occam Underwriting.
HSCM Bermuda managing Partner Michael Millette said: “We are delighted to see Occam expanding its reach in 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.”