Nexus Underwriting Management Ltd. has acquired 100 percent of the shareholding in Hong Kong-domiciled Beacon Underwriters Ltd., a marine managing general agent.
Beacon was established in 2009 as a Lloyd’s coverholder to write marine cargo, hull and machinery and ports and terminals business for Asian and Middle Eastern markets. Beacon’s managing director, Dr. Ravi Shroff, has over 30 years’ experience as an insurance underwriter and has been in Hong Kong working as an underwriter since 1987.
The acquisition of Beacon augments Nexus’ footprint in Asia, following the opening of Nexus Underwriting Asia (HK) in 2015. The Beacon purchase marks the company’s first overseas acquisition and its third in the past 12 months.
“The marine lines of business are new to Nexus and further diversify the group in the specialty niche underwriting arena,” Nexus said in a statement.
As part of the transaction, Ravi Shroff will remain as managing director of Beacon and will report into Jeremy Austen, principle officer of Nexus Underwriting Asia (HK).
For the time being, Beacon will also continue to trade out of its offices located at the Jubilee Centre, in Wanchai. Ravindra Shroff will be supported by long-serving employees Eric Cheng as marine underwriter and Louisa To as accounts assistant.
“We are delighted to welcome Ravi and his team to the Nexus family. Beacon has a proven track record of profitable underwriting and we are excited at the prospect of continuing to build on this success,” commented Colin Thompson, executive chairman of Nexus.
Ravindra Shroff, managing director of Beacon, said: “I am delighted for Beacon to become part of such a well-established, diverse and profitable global MGA. Being part of Nexus will enable us to access further distribution channels and present us with new opportunities, which we are most excited about.”
“We are very pleased to have Ravi and his team join our growing Nexus Underwriting Asia (HK) platform,” commented Jeremy Austen, principle officer of Nexus Underwriting Asia (HK). “Ravi is a well respected marine underwriter and local insurance practitioner here in Hong Kong. We look forward to adding marine hull, cargo, yachts and liabilities to our growing specialty products in Asia, whilst welcoming Ravi and his colleagues on board.”
The Nexus Group has forecast gross written premium of more than US$175 million for 2016 and now trades out of offices in London, France, Italy and Hong Kong.
Source: Nexus Group
Was this article valuable?
Here are more articles you may enjoy.