Nexus Professional Risks to launch in new year
Nexus Underwriting Management will form a managing general agency (MGA) in the new year after buying the regional financial lines book of Novae Syndicates.
The MGA will be called Nexus Professional Risks, and all of the underwriting capacity will come from Novae’s Syndicate 2007. The book is worth more than £15m gross written premium at the moment.
Nexus Professional Risks will be led by former Novae staff Jonathan Morgan, Lindsay Noble and Joanne Edgley. In addition, six other Novae underwriters will move to the new business.
All renewal rights from the acquired book will move to Nexus Professional Risks.
The Novae London Market professional indemnity account will not be affected by the sale of the financial lines book to Nexus.
Nexus Group chief executive Colin Thompson said: “This portfolio represents an excellent fit for Nexus and allows us to offer an increasingly broad range of products to our partner brokers.”
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