Nexus
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In October, this publication revealed that Nexus ceased writing W&I coverage. -
The BP Marsh-backed MGA launched earlier this year, led by Adam Kembrooke.
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The firm offered W&I cover with capacity of up to £16mn per transaction.
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MGA Amiga Specialty launched in May, with backing from investor BP Marsh.
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The departure follows an investigation into an “offensive” email sent by Rouse.
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A representative from the carrier said Nexus is responding “with urgency”.
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BP Marsh announced its backing of Amiga, which is led by Adam Kembrooke, last month.
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Starr and Axon also are among those exposed to the Marsh USA-placed $40mn line.
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Mills joined Nexus in June 2018.
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Behind Axa XL, Convex wrote a 9.5% line on the all-risks reinsurance programme.
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He will work for the Spectrum Risk Management business, which was acquired by Nexus.
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The development follows news that Kentro Capital CEO Colin Thompson has resigned.
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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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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.
