Mount Agung, a volcano in East Bali, has been threatening to erupt since the 21st November and with effect from today (27th November), Indonesian authorities have raised alert levels to level 4 (the highest level). Over 100,000 residents near Mount Agung have been ordered to evacuate and there is now an expanded exclusion zone to 10 km around the volcano.
Ash clouds over 3,400m high have already caused the closure of Bali and Lombok airports and are expected to create considerable disruption to other flights in the region. It is estimated that over 445 flights and around 59,000 travellers have been affected.Read the full article
Spain has made the headlines of late with bogus food poisoning claims by British holidaymakers adding significantly to claims cost (and denting the reputation of Spanish hoteliers and restauranteurs!).
Less well-trailed and perhaps even more concerning, are reports of genuine claimants being denied cover for emergency treatment in private Spanish facilities. Naturally, this can leave customers feeling alarmed and facing significant bills.
Leading independent specialty Managing General Agent Nexus Group today announces that Charles Penruddocke has joined as Non-Executive Deputy Chairman of Nexus CIFS Ltd and Equinox Global Ltd.
Most recently MS Amlin Bermuda’s Head of Specialty Lines and Global Product Lead, Charles has in excess of forty years of experience in underwriting and broking and has held successful leadership roles across four continents. Prior to MS Amlin, Charles was Head of Specialty and International Underwriting at Arch Re in Bermuda, and he has been a member of Lloyd’s since 1974.Read the full article
Leading independent specialty Managing General Agent Nexus Group today announces that it has acquired Credit Risk Solutions Ltd (CRS).
Established in 2003, CRS is a leading independent specialist Trade Credit broker operating from offices in Halifax, Manchester and Birmingham. CRS will continue to be led by its founding shareholders Mike Clark, Hayden Tennant and Lisa Humphries and will importantly remain an open market broker, independent of the underwriting operations of the Nexus Group. The deal will allow CRS to accelerate its growth via the acquisition of strategic targets in the regional broking market.
Leading independent specialty Managing General Agent ("MGA”) Nexus Group (“Nexus”) today announces that it has completed the acquisition of the Personal Accident (“PA”) Treaty Reinsurance MGA operated by ZON Re, a U.S. based Treaty Reinsurance Managing Underwriter and Lloyd's Coverholder, via an asset purchase.
Established in 2003, the ZON Re PA Treaty Reinsurance MGA will now trade as “Nexus Re”and will continue to be led post acquisition by ZON Re’s senior management team of W. Brian Harrigan, Kieron Farrelly, Chris Holland and Vern Ismen. All four become shareholders in Nexus, aligning the parties to grow and develop the business.
Leading independent specialty Managing General Agent (MGA) Nexus Group today announces that it has successfully concluded raising capital, by way of loan facilities, totalling £30 million that will enable it to undertake further merger and acquisition activity.
B.P. Marsh & Partners Plc, the niche venture capital provider to early stage financial services businesses, has provided Nexus, in which it holds an 18.6% shareholding, a £4 million loan facility, as part of the £30 million capital fund raising exercise. The further £26 million of the loan facility came through undisclosed sources.
Leading independent specialty Managing General Agent (MGA) Nexus Group today announces that it has acquired Vectura Underwriting, a registered and approved Lloyd's Coverholder, from Aquila Underwriting LLP.
Established in June 2007, Vectura Underwriting is a specialist Marine Cargo insurer and reinsurer headed up Stephen Fletcher, together with Tim Hancox, who have now relocated to Nexus’ global headquarters in Leadenhall Street.
Millstream’s continuing success has led to the addition of two experienced underwriters, both of whom join the team in June.
Daniel Hallmark will take up the role of Senior Underwriter bringing more than 15 years of experience, most recently with Aviva where he was Affinity & Employee Benefits Manager. Dan will lead the underwriting team taking day to day responsibility for our underwriting performance and supporting our product and business development.
Aaron Williams joins Millstream as Deputy Underwriter from Compass Underwriting and has a total of 10 years A&H underwriting experience. Aaron’s background will add further depth and expertise to the team particularly as we continue to grow and develop in the London market.Read the full article
Leading independent specialty Managing General Agent (MGA) Nexus Group has been featured for the first time in the 2017 London Stock Exchange’s report 1,000 Companies to Inspire Britain which has just been published.
This report focuses on the UK’s most dynamic and fastest growing businesses and features a 1,000 high growth and innovative companies in the country. As well as identifying these companies, the annual report further examines in detail the opportunities and challenges facing SMEs and looks at the sectors and trends that will shape the future of the UK economy.
Specialty MGA Nexus Underwriting Asia has announced following its acquisition of Beacon Underwriters Limited in July last year that Beacon is rebranded Nexus Marine with immediate effect.
Nexus will now operate two platforms from a single office in Hong Kong, underwriting the following classes of business:
Nexus Marine - Cargo, Hull and Port and Terminals insurance.
Nexus Underwriting Asia - Specialty Lines, including D&O/FI Liability, Single Situation Credit, Accident & Health, Pension Trustee Liability, Property Industrial All Risks and Commercial Professional Indemnity insurance.Read the full article