London-based MGA, Occam Underwriting recorded a £1m profit before tax for 2019 compared to a loss of £1.25m the year before and insisted it is on track to remain profitable in 2020.

Lance Gibbins, chair and CEO of the cyber, energy and space specialist commented: “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.

“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.”

Gibbins added that Occam expected to increase revenue for all classes in 2020 and remain profitable for the year.

Occam, which was previously known as Sciemus, changed its name in 2018 as part of the rebrand with Gibbins replacing out-going CEO Rick Welsh.

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