Some of the biggest concert tours, including those of U2 and Madonna, have purchased their cancellation insurance from this London insurance intermediary. Oxygen has five divisions, the largest of which is the music-industry insurance specialist Robertson Taylor, which it acquired in 2007. The company also sells general insurance and claims to negotiate more than £135m in premiums every year. Oxygen was founded in 2004 by chief executive Nigel Barton, and its shareholders include the City grandee Michael Spencer. In 2008 it was able to make its first profit after selling its underwriting division. Sales grew 190% a year from £699,000 in 2005 to £17m in 2008.
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