Speciality MGA’s underwriting capacity increases to £109m
Speciality managing general agent Nexus has announced that it has secured backing from Amlin and Beazley.
The MGA said that its new partnerships with the two Lloyd’s syndicates had helped to boost underwriting capacity across its core speciality lines to £109m, up from £103m last year. The backing from the Amlin and Beazley syndicates means that Nexus is now working with a dozen capacity providers (see below).
The Nexus Underwriting Management Group, which buys books of business from Lloyd’s underwriters that don’t want to write them any longer, estimates that the GWP it looks after will rise to £68m this year.
Nexus claims that its placement is in the London Market the largest by a non-broker owned speciality MGA.
Colin Thompson, chief executive officer of Nexus (pictured) , said: “We would like to thank JLT Reinsurance Brokers Limited, Arthur J Gallagher (UK) Limited, R.K. Harrison Insurance Brokers Limited and our underwriting partners for their support which enables us to continue providing relevant and fast insurance solutions for our brokers and customers.”
“It is great news that we have again secured from our existing and new Lloyd’s and company market underwriting partners more capacity and greater product diversity to support our 2015 growth plans across our five core lines of business. Confidence in our continued successful track record has also resulted in some of our underwriting agreements being oversubscribed.”
Nexus’ underwriting partners
- Abbey Legal Protection (with Markel International Insurance Company Limited)
- Liberty Mutual
- PartnerRe Ireland
- WR Berkley