Nexus
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The development follows news that Kentro Capital CEO Colin Thompson has resigned. -
Willett will be responsible for growing the FI team’s footprint and Nexus’ Lloyd’s box offering.
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Director of aerospace David Godley had been at Nexus since its acquisition of aerospace MGA Altitude in 2018.
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BP Marsh will receive a £51.5mn cash consideration from the sale of its 18.7% shareholding in in the company.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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The deal represents a 3.41x money multiple for Kentro Capital’s largest single investor.
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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.
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Prices are continuing to decline in the D&O market following significant hardening.
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Insurance Insider previously reported that Nexus was acquiring a majority stake in the Dubai MGA.
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Morgan Stanley has reached out to sponsors in recent weeks after initial attempts to source a US strategic tie-up.
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The business has approached US strategic bidders including large MGAs and brokers about a deal.
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Spectrum Risk Management will rebrand as Nexus as part of the transaction.
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