CIFS to keep management team

Nexus Underwriting Management is set to buy Credit Indemnity and Financial Services (CIFS), Novae Syndicates’ credit insurance arm.

Nexus plans to form a new managing general agency that will trade under the CIFS name, backed by capacity from Novae Syndicate 2007 and other Lloyd’s syndicates.

CIFS will continue to be led by managing director Bob Lilley, director of client services Sue Morley and underwriting manager Neil Payton.

Nexus group chief executive Colin Thompson said: “CIFS has been established for well over a decade and is a highly regarded franchise that fits our group model of underwriting profitable specialty classes.”