Occam Underwriting (Occam), a specialist lines-focused managing general agency (MGA), has completed its acquisition of Beech Underwriting Agencies (Beech) after receiving the Financial Conduct Authority’s (FCA) required approval.
Founded in 2001 by managing director Geoff Stilwell, Beech is an approved Lloyd’s coverholder that has been a market leader in the placement of terrorism insurance and other specialist-related insurance.
In a previous statement, Occam explained that the acquisition is part of its strategic expansion plans and is supported by majority investor Hudson Structured Capital Management Ltd, doing its reinsurance business as HSCM Bermuda (HSCM), an asset manager specialising in the reinsurance and transportation sectors. Moreover, the agreement will see the Beech Underwriting team continue to be led by Stilwell, Andrew Woodhams, and Matt Gates from its Maidstone office.
With the finalisation of the deal, 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.”
Occam CEO Mark Fisher (pictured) added: “Everyone at Occam is delighted that Beech Underwriting is now part of the Occam Group. The team at Beech has 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.”