Specialty Lloyd’s of London managing general agent (MGA) Occam Underwriting has reported a £1 million profit after tax for 2019, compared to a loss after tax of £1.25 million for 2018.
All three of Occam’s business units – Cyber, Energy and Space – saw strong growth over the year, allowing the company to exceed its targets.
“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.
In a letter to shareholders, Gibbins stated: “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.”
Occam expects to increase revenue for all classes in 2020 and remain profitable for the year, after meeting business targets in Q1.
“Whilst 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,” Gibbins went on.
“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.”
