London-based MGA and Lloyd’s coverholder Occam Underwriting has been snapped up by acquisitive brokerage giant Brown & Brown in a deal announced this morning.
The move, which has already received the regulatory green light and consideration for which is undisclosed, sees Brown & Brown take 100% of the share capital of the MGA.
The Occam business consists of two specialist MGAs – one which focuses on international space, known as Occam Underwriting, and the other focusing on UK terrorism and property, namely Beech Underwriting.
The company has been majority owned by Hudson Structured Capital Management since 2021 but will now be part of Brown & Brown Europe’s MGA division, which consists of the likes of Camberford Underwriting and Plum Underwriting, and is led by Clive Nathan.
The space division will continue to be led by Phil Duffin, director of space and aviation, and Jack Kenneally, space underwriter. Meanwhile, Andrew Woodhams, senior terrorism underwriter and Matt Gates, senior property underwriter, will head up Beech Underwriting.
“Occam sits exactly in our appetite for specialist underwriters with deep experience of the niches they cover,” said Nathan. “Phil, Jack, Andrew and Matt are highly respected in their twin fields of space and terrorism, and I know that we will be able to build their market presence and expand their capabilities as part of Brown & Brown.
“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.”
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