Allianz Global Corporate & Specialty (AGCS) and Nexus Group announced a four year strategic underwriting and claims delegated authority agreement for small and medium-sized enterprises (SMEs) customers.
Nexus, a specialty managing general agent, will underwrite and handle claims for primary and excess business on behalf of AGCS, Allianz’s entity for large-scale corporate and specialty risks.
The agreement has a gross written premium capacity of £50 million in the first year and covers multiple Financial Lines products – including Professional Indemnity (PI), Directors and Officers Liability, Crime and Pension Trustee Liability – for customers operating in the Financial Services and Commercial industries.
Stefania Davi-Greer, head of Financial Lines, regional unit London for AGCS, said the deal will strengthen its financial lines book, consolidating its expertise with a wider customer base.
André Ford, Group Chief Underwriting Officer of Nexus, said the agreement includes commercial professional indemnity, an “area where market capacity has been restricted, but where we see opportunities for certain professions and financial institutions – and where we specialise in multi-product solutions for our target customer groups.”
Worldwide, AGCS operates with its own teams in 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,400 people. In 2020, AGCS generated a total of €9.3 billion gross premium globally.
Founded in 2008 and based in London, UK, the Nexus Group focuses on niche insurance classes of business. Nexus employs over 290 staff and is represented in nine countries: UK, Ireland, France, Germany, Italy, The Netherlands, USA, China (Hong Kong SAR) and Malaysia (Labuan FT).
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