Nexus
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Insurance Insider previously reported that Nexus was acquiring a majority stake in the Dubai MGA. -
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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Accredited Insurance will be the fronting partner for Nexus Frontier.
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The program, specifically for SMEs, covers a range of products within management and professional liability.
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Colin Thompson will remain CEO of the entity, while Tim Coles will continue to run Xenia.
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The confirmation comes after the intermediary agreed to buy two books of business from Parker Norfolk.
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Tan Chai Foo will be based in Kuala Lumpur and will report to Nexus Asia CEO Anthony Egerton
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The four-year agreement covers professional indemnity, D&O liability, crime and pension-trustee liability.
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The firm is working with Canaccord Genuity to explore options for the business.
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The transaction will complete in April and the business will be integrated into Credit Risk Solutions.
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