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.
HGF Lead Underwriter Ian Groves, who is an expert in this space – having been with the business since 2003 – and Development Underwriter Jenny Gu, will transfer across to Millstream. All existing arrangements and quotes will be honoured and the business will continue as normal to ensure seamless trading for brokers and customers. For all new quotes the business will be rebranded as “Millstream Global Flying” to ensure continuity.
Millstream, headed up by Managing Director Tim Brangwyn, specialises in travel, personal accident, and sickness insurance covers, primarily underwritten on a business-to-business basis. Millstream was acquired by Nexus in December, 2015.
Commenting on the acquisition, Colin Thompson, Founder and Group CEO of Nexus, said:
“We are excited by the prospect of our new strategic partnership with Hiscox which we hope will be a long and fruitful relationship. This is a great book of business with a proven track record of profitable underwriting and fits seamlessly into Millstream’s model.
This acquisition will expand Millstream’s capabilities and expertise in the Accident & Health space. As a Group, we continue to look at enhancing our current offering through strategic deals such as this one, and by diversifying into new product areas through transformational acquisitions. There will be further cross selling opportunities with the Group’s recent acquisition of Aerospace MGA Altitude Risk Partners which we will look to capitalise on during 2019.
This is our 4th acquisition in 2018 and our 8th in the last 20 months. We continue to see a healthy flow of new opportunities and will look to take advantage of this in 2019.”
Gary Head, of Hiscox added:
“Global flying is a long-standing book of business for Hiscox, which we will continue to provide capacity for through our underwriting partnership with Millstream. We are confident that in working with Millstream, our broker partners and customers will find that it really is business as usual.”