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
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.