Nexus Underwriting, the London-based independent specialty managing general agent (MGA), has formed a claims company, trading as Nexus Claims.
Being run independently from the underwriting companies, Nexus Claims offers claims management services to Nexus’ underwriting partners as well as insurance companies, syndicates and other MGAs.
Claims management services are provided to companies that do not have their own claims operations, who need specialist expertise or simply prefer to strategically combine an outsourcing model with their existing claims capabilities, Nexus Claims explained.
Nexus Claims is led by Nexus Group’s chief legal officer, Adam Kembrooke, who is a dual-qualified UK and US lawyer and has previously built and managed global claims operations for insurance and reinsurance companies.
Kembrooke said: “Nexus Claims’ aim is to provide innovative and best-in-class specialty claims services. Our focus is on a technical and highly proactive approach to obtain market-beating results in terms of speed of resolution, service standards and, ultimately, underwriting profit.”
Nexus Claims said it has already secured agreements to manage claims emanating from more than 50 percent of the Nexus Group’s $200 million gross written premiums (GWP) portfolio as well as acting as a third party administrator for 14 other non-affiliated MGAs across the UK, Europe and the Middle East.
In a significant early success for the company, Nexus Claims has signed a claims management agreement with their largest capacity provider, PartnerRe Ireland Insurance Designated Activity Company (DAC), based in Dublin.
“We are delighted about strengthening an already exceptional relationship with PartnerRe and look forward to building on this latest development even further in the future,” said Colin Thompson, founder and group executive chairman, Nexus Underwriting Management Ltd.
“We have ambitious group goals and have consistently performed in the top tier for underwriting results ever since our launch eight years ago,” Thompson added. “We aim to replicate that success with Nexus Claims, which allows us to offer a complete service solution not only to reach those goals but to enhance the profitability of the results every step of the way for us and our underwriting partners.”
About Nexus Group
Founded in 2008, the Nexus Group is a specialty MGA, which concentrates on niche classes of business. The Group underwrites 15 specialty products on behalf of 23 underwriting partners who support their product offerings within the following lines of business: financial lines, trade credit, accident & health, surety, travel, property, latent defect and marine.
The company’s gross written premium is due to surpass US$200 million in 2016 and expects to write in excess of US$500 million of specialty business within 36 months.
Source: Nexus Underwriting
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