Nexus Group, a London-based Specialty MGA, has announced a transaction with reinsurer PartnerRe, which covers the current core financial lines underwritten by Nexus for a term of up to five years.
Colin Thompson, CEO of Nexus Group said: “This partnership is a game changer for us and the London Market. It further builds our credibility and ratifies what we achieved in nearly five years of operation. We are very excited to have such a fully-fledged blue chip carrier to move forward with.”
“The business will be underwritten by Nexus on behalf of PartnerRe Ireland Insurance Limited, which has financial strength ratings of A+ (Stable) from Standard & Poors and A+ (Superior) from A.M. Best, and is in line with the Lloyd’s capacity providers who Nexus underwrite on behalf of. These excellent financial strength ratings are important for our customers, our brokers and us.”
The bulletin also noted that the Nexus Group “has become the largest independent specialty Managing General Agent in the London market with gross written premium due to surpass US$100 million in 2013. It has a proven track record of profitability, a strategy to continue to deliver future growth in existing and new markets and, with a core focus on profitable underwriting, strong results have offered attractive loss ratios year on year.” It has also made profits in the last two years in excess of $3 million.
Source: Nexus Underwriting Management
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