Optio Group (Optio), a specialty underwriting agency focusing on emerging insurance risks, has kicked off 2022 by announcing its acquisition of warranty and indemnity (W&I) underwriting agency Brockwell Capital Limited (Brockwell) for an undisclosed sum.
An approved Lloyd's coveholder, Brockwell writes c.$40 million (c.£30 million) of gross written premium (GWP). Since its launch in 2017, the agency has built a solid and high-quality client base across the UK, Nordic regions, and Australasia, with a growing presence in Continental Europe. Additionally, it is supported by several markets at Lloyd's and in the company market, some new to Optio.
Optio expects the acquisition to boost its transactional liability capabilities and its existing W&I proposition, as well as bring expertise in the fields of tax liability and contingent liability and financial lines. It also expects Brockwell to continue growing significantly.
The acquisition will see Brockwell staff, headed by mergers and acquisitions (M&A) underwriter Andrew Graham, join Optio.
Commenting on the announcement, Graham said Brockwell has always focused on creating unmatched, specialty underwriting built around sophisticated M&A, tax, and transactional risk professionals.
“Optio's support and technological capabilities will be enormously beneficial to the implementation of our ambitious growth plans, and we look forward to working with our new colleagues to develop innovative solutions for new and existing clients,” Graham added.
Optio executive chairman Matthew Fosh commented: “I am delighted to welcome Andrew and the Brockwell team to our expanding business. Combining their experience and expertise with our established W&I capabilities within the group confirms financial lines as a core underwriting pillar for Optio.”