Oxygen reveals agency idea and looks at new investment

Oxygen chairman Nigel Barton says a new underwriting agency could be part of its long-term plans. Oxygen sold its underwriting agency Oxygen Insurance Managers to A J Gallagher in September 2008 for an undisclosed fee. Barton said: “If we did another MGA, it would not compete with that. It would probably be a bit more of an electronic MGA, a bit more of a technology background.”

He also raised the possibility of bringing in another major private investor at some point to help expand the business.

Oxygen is backed by private investors, including Ron Sandler, former chief executive of Lloyd’s of London and current non-executive chairman of Northern Rock.

Barton was speaking as Oxygen sealed a deal with Dubai-based Brokerage World Solutions (BWS), the parent company of Insure Direct. Oxygen will conduct wholesale business for the new company, called BWS UK, as well as generating UK business. The deal could also develop at some point to see Oxygen picking up business in the Middle East through BWS.