MGA Nexus acquires specialist trade credit broker CRS in its fourth acquisition of the year as it aims for regional growth
MGA Nexus has acquired specialist trade credit broker Credit Risk Solutions (CRS) in its bid for growth in the regional market. CRS will remain an open market broker and maintain its leadership team.
CRS’s open market broker status means that it will be independent of Nexus’s underwriting operations.
Sue Morley, who recently retired from her role as client services director of Nexus’s trade credit insurance unit Nexus CIFS, will join the CRS board as a non-executive director.
Nexus founder and executive chairman Colin Thompson said: “CRS is a very professionally run business that has been on a steep growth trajectory in recent years. We are excited to work with Mike, Hayden, Lisa and the whole CRS team to continue this success story in a market where we have a lot of expertise, and accelerate this growth via a buy and build strategy of regional Trade Credit brokers as well as add a UK regional footprint to our existing UK and international infrastructure.”
Thompson continued, “In Nexus EBA, the group already has a Lloyd’s broker and this acquisition strengthens its broking offering and the diversified range of market leading proprietary products on offer.”
This is Nexus’s fourth acquisition of the year and Thompson says it is on track to deliver an actual EBITDA in excess of £10m and a pro-forma EBITDA of over £14m.
CRS co-founder Mike Clark added: “This is an exciting opportunity for the CRS team. Nexus has identified credit insurance as a product area with considerable potential. We share that vision and, with their support and investment, are absolutely committed to growing this market.”