Specialty MGA, Nexus Underwriting Management Limited, announced that it has acquired City of London based Millstream Underwriting Limited, an independent managing general agency specializing in travel personal accident and sickness insurance coverage, primarily underwritten on a business to business basis.
The acquisition is the second of the year by Nexus. In August it acquired specialist MGA and Lloyd’s service provider EBA Insurance Services Limited as it continues an expansive growth strategy.
Executive Chairman Colin Thompson commented: “The acquisition of Millstream complements perfectly our strategy to deliver a multi- product, but niche focused, specialty, MGA. Martin and his team have built a fantastic business that has a market-wide reputation built on its focus and expertise.”
“We have more acquisitions that are in the pipeline. Going forward, our pro forma annual Gross Written Premium is now in excess of US$200 million,” Thompson added.
Tim Coles, Nexus Group CEO expressed delight that the “team at Millstream is joining us;” adding that “this is a value creating deal for both businesses. The additional PA and travel products together with their very established distribution channels present exciting opportunities for growth of the combined group.”
Martin Mills, who will become the Chairman of Millstream, said: “This is a very exciting next chapter in the development of a company that I founded over 16 years ago now, and to have access to the Nexus distribution base will offer us extensive opportunities to grow the account. I am very pleased to have found such an entrepreneurial company to join and I am looking to seeing what we can achieve together.”
Simon McVey, who will become Managing Director of Millstream, pointed out: “Our modus operandi dovetails in very well with the Nexus way of doing business and, already at this stage, and we are proceeding with plans to add to our senior team as we look to extend our reach.”
Source: Nexus Underwriting Management Limited
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