Claims management company has already won deals
Underwriting agency Nexus has formed a new claims management company called Nexus Claims.
The new company will be run independently from Nexus’s underwriting units. It will offer claims management services to insurance companies, Lloyd’s syndicates and other MGAs that do not have their own claims operations as well as Nexus’s own underwriting partners.
Nexus Claims is run by Nexus Group chief legal officer Adam Kembrooke. The unit currently has seven employees but Nexus said the team is being bolstered through a recruitment drive.
The new company has already secured agreements to manage claims emanating from more than 50% of the Nexus’s $200m gross written premium portfolio as well as acting as a third party administrator for 14 other non-affiliated MGAs across the UK, Europe and the Middle East.
It has also signed a claims management agreement with Nexus’s largest capacity provider, PartnerRe Ireland Insurance dac.
Kembrooke said: “Nexus Claims’ aim is to provide innovative and best in class specialty claims services. Our focus is on a technical and highly proactive approach to obtain market-beating results in terms of speed of resolution, service standards and, ultimately, underwriting profit.”
Nexus founder and executive chairman Colin Thompson added: “We are delighted about strengthening an already exceptional relationship with PartnerRe and look forward to building on this latest development even further in the future.”