Hudson Structured Capital Management (HSCM) has acquired a majority stake in Occam Underwriting, a specialist lines managing general agency.
The financial value of the deal was not disclosed.
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Occam Underwriting aims to use the additional investment to foray into new lines of business through talent acquisition and upgrade its technology platforms.
As part of the expansion plan, the MGA has onboarded Steve Hart as director and head of trade credit, political risk, surety, and terrorism reinsurance operations.
Hart, who has over three decades of industry experience, joins Occam Underwriting from Vibe Syndicate Management, where he headed the speciality reinsurance division.
Occam CEO Mark Fisher said: “I am delighted that HSCM has further demonstrated its tremendous support for the team at Occam with its move to become our majority shareholder.
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By GlobalData“As evidenced by the recent announcement of our expansion into the renewable energy market, the additional investment provided will help enable the company to move forward at pace with its planned growth strategy.”
Hart added: “The current trading environment is not without its challenges, but the solid investment from Hudson and the combined underwriting expertise that Occam has acquired and continues to add to means we are primed and perfectly placed to develop our business in this next stage of its evolution”
HSCM is an asset manager, which specialises in the reinsurance/insurance and transportation sectors.
In July this year, HSCM joined the series A funding round of Flood specialist reThought Insurance.
In November 2020, it partnered with Aon to roll out a new product to protect re/insurers against systemic and catastrophic cyber events.
