Paul Lynam says underwriting agency Epsilon will look to expand following his appointment as Chairman.

As reported in a Breaking News bulletin last week, Mr Lynam will join the Sydney-based independent underwriting agency on July 1.

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

He left Gallagher three years after it acquired the Lloyd’s agency he founded, SRS.

“It has been a very long gardening leave process and I’m more than ready to get back in,” he told insuranceNEWS.com.au.

“I had a number of opportunities, but Epsilon appealed to me because of its potential for growth and the fact it does not own a retail broker, so there’s no conflict.

“Currently it has a relatively small stable of portfolios, and we will look for opportunities to grow into other classes. We will also look for talented underwriters to join our team.”

Mr Lynam’s former colleague Paul O’Leary will join him as Epsilon’s Chief Underwriting Officer. Mr O’Leary previously held the same position at SRS and Pen.

Epsilon CEO Morgan Long says the arrival of the two will be a major factor in Epsilon’s expansion strategy.

“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.”