Nexus Underwriting, the independent specialty managing general agent (MGA), has signed a three year underwriting capacity deal with XL Catlin in Asia through XL Insurance Co. SE.
Through its new branch based in Hong Kong, Nexus Underwriting Asia (HK) will offer up to US$15 million in financial lines capacity to commercial businesses and financial institutions across a broad range of products, including D&O, professional indemnity and crime, Nexus Underwriting said in a statement.
“This deal is a significant step forward in our exciting growth plans for the Asia region and a great opportunity for Nexus to deliver flexibility and value in the local financial lines market through partnering with XL Catlin, a strong global insurer committed to underwriting and claims excellence,” said André Ford, group chief underwriting officer, Nexus.
“Nexus Underwriting Asia will offer financial lines insurance for commercial businesses and financial institutions,” commented Jeremy Austen, principal officer, Nexus Underwriting Asia. “XL Catlin is a strong underwriting partner for the region, being very much aligned with the Nexus ambition, product range and service values.”
Nexus Underwriting Asia (HK) was launched in November 2015 in Hong Kong as a branch of the Nexus Group, the independent, international re/insurance MGA, based in London.
Kevin Gotts heads up the new financial lines business from Hong Kong.
Nexus said it is aiming to provide its underwriting partners with cost effective entry into Asia-Pacific markets, “as well as an opportunity to underwrite and generate new revenue opportunities from Asia not currently offered in the London, European or U.S. markets.”
About Nexus Group and Nexus Underwriting Asia
Founded in 2008, the Nexus Group is a specialty MGA, concentrating on niche classes of business. The group now has over 100 employees in its offices in the United Kingdom, France, Italy and Hong Kong. Currently Nexus has 23 underwriting partners who support their product offerings.
The Nexus Underwriting Asia (HK) product range currently comprises:
- Commercial D&O/PI/crime/POSI
- Pension trustee liability
- Employment practice liability
- Financial institutions D&O/PI/BBB/ECCP
- Financial institutions blended FID&O/FIPI/FIBBB/FIECCP
- Financial institutions POSI
- Property: facultative IAR/primary/quota share/excess of loss
- Trade credit: single situation/whole turnover
- Accident & health
Source: Nexus Underwriting
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