AE: Leading independent specialty Managing General Agent (MGA) Nexus Group announced recently that it had completed the acquisition of Huntington Underwriting Limited (“HUL”). In operation since 2014 as an associate of the Singapore-headquartered insurance services group Huntington Group Pte Ltd, HUL is an Underwriting Manager specialising in structured solutions and operating out of Labuan IBFC, Malaysia.
Founded in 2008, the Nexus Group is a specialty MGA on a dynamic growth path, concentrating on niche classes of business and delivering excellent service and ‘cutting edge’ products. Unlike nearly all other multi-product MGAs, Nexus is truly independent and can justifiably describe itself as a ‘virtual insurance company’.
The Nexus Group underwrites 15 specialty classes of business on behalf of over 30 underwriting partners who support their product offerings that include the following: Directors & Officers Liability, Financial Institutions Professional Indemnity, Commercial Professional Indemnity, Whole Turnover Trade Credit, Excess of Loss Whole Turnover Trade Credit, Single Situation Trade Credit, Surety, Accident & Health, Travel, European Specialty, Niche Marine, Treaty Personal Accident Reinsurance, Trade Credit Broking, Structured Solutions, Aviation and Space.
Nexus is currently underwriting annualised gross written premiums (GWP) of USD350 million+, generating revenue of GBP41 million and EBITDA of GBP15 million. The Group aims to be a GBP500 million GWP international business by 2021.