Largest placement in the London Market by a non-broker owned MGA

Specialty managing general agency (MGA) Nexus Group has secured US$100m (£60.64m) of underwriting capacity for 2014.

This is the largest placement of insurance capacity in the London Market by a non-broker owned specialty MGA.

Nexus Group chief executive Colin Thompson said: “We would like to thank JLT Reinsurance Brokers Limited, Arthur J Gallagher (UK) Limited and our underwriting partners for another successful capacity renewal season.

“It is great news that we have secured $100m of underwriting capacity from our Lloyd’s and company market underwriting partners supporting our four lines of business.

“Our plans are predicated around growth in trade credit and SME financial lines business. We have moderate budgeted growth targets and plan to take the business from a calendar year $90m in 2013 to over $100m in 2014.”

Nexus Underwriting Management is a private equity backed MGA that was founded in 2008 and specialises in directors’ and officers’ liability, financial institutions, professional indemnity, and trade credit.