Optio Group (Optio), which comprises MGAs Ascent Underwriting, Cove Programs, Optio Underwriting Limited and broker Bay Risk Services, today announced the appointment of Matthew Fosh as executive chairman, subject to regulatory approval. This marks Fosh’s return to insurance in an executive capacity after stepping down from his executive role at Axis in December 2019.

His appointment signals the scale of the ambition of Optio’s senior management team and follows a search for a prominent market figure to help enable them to address the market opportunity for Optio. Fosh’s track record as a business builder with an underwriting background, and his automated trading expertise gained during his time in banking, made him the clear choice for a business straddling complex specialty classes and the Optio Connect automated trading platform.

Current executive chairman David Umbers will remain non-executive director. He will work closely with Matthew, combining influence and experience at the most senior level of the business.

Optio CEO Kevin Hastings said:

“I am clearly delighted that Matthew has chosen to join us. We have built a market-leading, technology-driven underwriting business relentlessly focused on delivering profits to our capital providers. We are hugely ambitious for the business and the opportunity for our long-term growth has never been greater. Matthew’s involvement is a major step as we develop our growth plans and I look forward to working with him. We are also delighted that David Umbers will be staying on the board. His contribution to the group is hard to overstate, and we are extremely pleased we will continue to benefit from his wise counsel.”

Fosh said:

“I am extremely excited to be joining Optio to help address the enormous market opportunity enjoyed by the group. Optio has an exceptionally talented team and I am delighted to part of it.”