Sydney-based independent underwriting agency Epsilon has appointed Paul Lynam as Chairman.

Mr Lynam had spent 12 months on “gardening leave” after departing as CEO of Arthur J Gallagher’s Pen Underwriting at the end of 2015.

Gallagher had acquired the Lloyd’s agency he founded, SRS, three years earlier.

Mr Lynam will take up the Epsilon position from July 1, and Paul O’Leary will join him as Chief Underwriting Officer. Mr O’Leary previously held the same position at SRS and Pen.

Epsilon CEO Morgan Long welcomed the “major” appointments.

“As the only international player in the underwriting agency space with no retail broking conflict, we see it is time to take advantage,” he said.

“Both Pauls bring with them a wealth of experience and market presence both here in Australia and in particular the Lloyd’s market.

“We intend to broaden our capabilities and market offering as we see opportunities in a changing market.”

More details in our regular bulletin on Monday.