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Brown & Brown unit agrees to buy London-based MGA

Posted On: Sep. 20, 2023 11:09 AM CST

M&A

Brown & Brown (Europe) Ltd., part of Brown & Brown Inc., said Wednesday it has agreed to acquire Occam Underwriting Ltd., a London-based managing general agent and Lloyd’s of London coverholder.

Terms of the transaction, which has received regulatory approval, were not disclosed.

Occam has been majority-owned by Hudson Structured Capital Management Ltd. since 2021.

The deal includes Occam Underwriting, which provides specialist international space coverage, and Beech Underwriting Agencies Ltd., which places U.K. terrorism and property coverage.

Occam will become part of Brown & Brown Europe’s MGA division, led by Clive Nathan.

Phil Duffin, Occam Underwriting director of space and aviation, will continue to lead the space division, supported by Jack Kenneally, space underwriter. Andrew Woodhams, senior terrorism underwriter, and Matt Gates, senior property underwriter, will continue in their leadership roles at Beech Underwriting.

The deal continues Daytona Beach, Florida-based Brown & Brown’s trend of international acquisitions. Earlier this year, the brokerage agreed to buy London-based Kentro Capital Ltd., another specialty MGA.