Optio Group, which comprises MGAs Ascent Underwriting, Cove Programs, Optio Underwriting Limited and broker Bay Risk Services, today announces the launch of Marine Specialty led by Angus Bailey. Bailey will be based in London and report to Paul Western, group chief underwriting officer.

Bailey’s appointment marks Optio’s launch into the specialty marine market, which aligns with its strategy for accelerated growth and continued enhancement of its specialty capability. With an initial focus on Marine War and Kidnap and Ransom risks (K&R), Bailey will be responsible for developing Optio’s marine specialty proposition, harnessing its proprietary technology to provide efficient and reliable insurance solutions for the marine industry.

Bailey previously led Seacurus, a trading name of Castel Underwriting Agencies Ltd. Here he delivered specialised solutions and coverages for the marine market, including a combined facility for Hull War & Kidnap & Ransom as well as cover for Seafarer Abandonment. Prior to that, Bailey served as an underwriter, at Barbican, specialising in K&R, Hull War and Seafarer Abandonment.

Western said:

“I am extremely pleased to welcome Angus to Optio, whose appointment further builds upon our specialty market offering, and is indicative of the wealth of opportunities we see in this area. Angus is an established and well-regarded underwriter, with an impressive background in the marine specialty space. His experience in offering innovative solutions to niche risks, coupled with his use of technology to provide clients with fast, efficient and accessible protection, makes him an ideal addition to our ever-expanding team.”