Peter Cullum owned MGA Lexicon snaps up Worthing broker

Lexicon Property, an MGA part of the insurance group co-founded by ex-Towergate chairman Peter Cullum, has completed the acquisition of a Worthing-based broker.

The addition of Oasis Property Insurance will result in a total GWP in excess of £10m.

The Oasis team, led by managing director Nigel Attwood, will remain in its Worthing office and focus on more non-standard risks within the property owners sector.

Lexicon is led by managing director James Watkin and executive chairman Gary Chapman.

It is part of Trimulgherry Investments, the group established by Cullum and James McCaffrey.

The group works closely with Minority Venture Partners (MVP), of which McCaffrey is chief executive.

A statement revealed the acquisition is part of a plan for Lexicon to become a leading MGA for mid-market property owners insurance.

Watkin said: “Nigel and his team bring with them first class capacity and the ability to write both standard and harder to place risks that supports our combined and diverse broker panel. We know our brokers value first class service in what can be a complex and challenging insurance environment and we see a multitude of synergies that will significantly enhance our offering to our brokers’ clients.”

And Cullum added: “Lexicon is driven by a desire to provide the highest standards of service in the regional broker market, at a time when service from many of the major players has been declining. Our focus on specialist underwriting and excellent service is enabling us to win business in what remains a highly competitive space.”

And Attwood said:” We are delighted to be joining forces with Lexicon at a time when we can see the clear benefits of being part of a larger organisation to help us expand our footprint in the specialist property owners sector.”