At a time when many insurance companies are reporting significant losses in their first quarter results, one MGA is offering its full-year financials and celebrating a major turnaround.
Occam Underwriting has notched up a profit after tax for 2019 of £1 million – that compares to a loss after tax of £1.25 million during 2018.
The independent London-based MGA has seen all three of its business units – energy, space and cyber – grow significantly over the last year. Premium bound for its capacity providers also leapt to a little over US$37 million – that’s up 78% from 2018.
“Over the past 18 months, the company has recovered from a loss-making period, turned itself around and delivered growth and a profit for its stakeholders,” said chair and chief executive officer Lance Gibbins (pictured).
“The three underwriting teams have steadily, and conscientiously, established a respected position in their individual markets. All three lines of business remain important to the overall MGA franchise by maintaining strong underwriting discipline in what remains a challenging marketplace in which to trade.”
Going forward, Gibbins highlighted that he expects to increase revenue across all classes in 2020 and to remain profitable.
“While the management team is committed to managing the existing business profitably for the benefit of shareholders, capacity providers and all other stakeholders, I am also mindful that Occam Underwriting needs to develop much further,” he said. “The executive team, with assistance and guidance from the board of directors, continues to explore opportunities to add expertise, scale and resilience in order to build value.”
