PRESS RELEASE: Leading independent specialty Managing General Agent Nexus Group today announces that it has completed the acquisition of Hiscox Global Flying (“HGF”) via an asset purchase into Millstream Underwriting Limited (“Millstream”), a Nexus Group Company which specialises in Accident & Health and Travel insurance.
HGF provides insurance for Aviation professionals to protect against the financial consequences of loss of license and training expenses resulting from bodily injury or illness. The business was established in 1996 and acquired by Hiscox in 2006. While full ownership of HGF will transfer to Millstream, Hiscox will continue to provide underwriting capacity for the business.
The HGF customer base is principally airline pilots, with the remainder of the book comprising helicopter pilots, air traffic controllers, cabin crew and marine personnel. HGF provides both group and individual policies predominantly in the UK and Europe, with some wider international business.
TIM BRANGWYN, managing director of insurer MILLSTREAM UNDERWRITING, says risk management should be embedded at an early stage in a charity’s growth plan.
Extraordinary people make extraordinary things happen. The courage, determination and talents that drive charity workers, staff, fundraisers and volunteers to the most difficult territories, often in the most difficult circumstances, set them and their charity apart.
Charities are launched for all the right reasons, above all getting people out in the field to make a difference. But a growth strategy that does not address the risks faced by charities may result in unexpected consequences that are detrimental to future expansion, and potentially limit the overall success and reach of a charity.Read the full article
On 5th August, the island of Lombok experienced an earthquake of magnitude 6.9, which has sadly resulted in casualties on Lombok and Gili Islands, along with some damage to buildings in Bali.
The Foreign and Commonwealth Office (FCO) advise against all but essential travel to the Gili Islands (Gili Trawangan, Gili Meno and Gili Air), off the north-west coast of Lombok. There is a risk of aftershocks, which could cause further damage to buildings and pose risks to safety. In the event of serious injury, access to immediate medical assistance on the islands is extremely limited. The Indonesian authorities are working to assist people to leave the Gili Islands via boat to Lombok should they wish to do so.
The Foreign and Commonwealth Office has also advised that ‘We are in contact with the Indonesian authorities who are mobilising a response in the Gili Islands and Lombok, including to help people leave the Gili Islands should they wish to do so. Lombok and Bali airports are open and operational. The National Disaster Mitigation Agency (BNPB) 24-hour hotline can be contacted on +62 85792240799.Read the full article
The recent wildfires in southern Greece, including close to Athens, have sadly resulted in loss of lives and significant local disruption.
Most visits to Greece, including Athens, however are unaffected.
The Foreign and Commonwealth Office has advised that ‘You should keep up to date with local media reports and follow the advice of the Greek authorities in affected areas. If you’ve been affected by the wildfires and need consular assistance, you can call the British Embassy in Athens on +30 210 7272 600. If you’re in the UK and worried about a British national in Greece, call the FCO on 020 7008 1500.'
Recognising the FCO commentary, Millstream Underwriting's advice to policyholders is:
Speak to your carrier for updated travel information before travelling to the airport or point of international departure. If you are in the area please follow the advice of the local authority.Read the full article
Millstream Underwriting, part of leading independent specialty Managing General Agent Nexus Group, today announces that it has become an approved Lloyd’s Coverholder.
Mark Copsey, Development Manager, Millstream, said:
“We’re delighted to announce that Lloyd’s has approved Millstream Underwriting as a Coverholder, representing another important step forward in our continuing product diversification and growth.
This is great news for us, our clients and prospects, as it gives us added capacity and capabilities in our target markets. It’s also a reflection of the high quality of our team and the partners in our supply chain that deliver such an excellent service.”
Millstream Underwriting, part of leading independent specialty Managing General Agent Nexus Group, today launches a unique product - named Caritas - that combines many of the lines of business the company underwrites into a specifically designed insurance package that addresses the distinctive needs of international charities and non-governmental organisations.
The Caritas policy offers charities Kidnap & Ransom, Personal Accident and Travel covers with optional limits, together with Crisis Management/Public Relations costs to manage publicity or press coverage following an insured event.
Millstream Underwriting partners with Geo Underwriting, to produce a new travel product for the high net worth (HNW) market.
In partnership with Millstream Underwriting, Geo’s private clients division has developed an annual travel product which the MGA says goes beyond the expected comprehensive cover. It is available either as a standalone policy or alongside Geo private clients’ household offering.
Leading independent specialty Managing General Agent Nexus Group today announces that it has completed the acquisition of Apsley Specialty Limited, a registered and approved Lloyd's Coverholder.
Established in 2012, Apsley Specialty is a specialist Directors & Officers and Financial Institutions (“DOFI”) MGA headed up by James Lawrie. As part of the acquisition, James will join the board of Nexus Underwriting Limited and both brands will continue to operate as usual. Prior to founding Apsley James spent several years specialising in alternative investments at Towers Watson and Caliburn Capital, where he allocated multi-billion dollar portfolios across hundreds of hedge funds.
Leading independent specialty Managing General Agent Nexus Group today announces that senior industry figure Mike Sibthorpe will join as Chief Executive Officer of Insurance and Reinsurance at Nexus Underwriting Management Limited, effective April 2018.
Mike, who was previously Chief Underwriting Officer for AmTrust at Lloyd’s, will also become a member of the Nexus Group board.
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