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Nexus Second Acquisition of the Year Brings Millstream Underwriting into the Group

The Specialty MGA, Nexus Underwriting Management Limited, today announced that it has wholly acquired City of London based Millstream Underwriting Limited, an independent managing general agency specialising in travel personal accident and sickness insurance covers, primarily underwritten on a business to business basis.

This follows on from an announcement in August that Nexus had acquired specialist MGA and Lloyd’s service provider EBA Insurance Services Limited as the group continues its expansive growth.

Colin Thompson, Executive Chairman, Nexus Underwriting Management Limited, said:

"The acquisition of Millstream complements perfectly our strategy to deliver a multi- product, but niche focused, specialty, MGA. Martin and his team have built a fantastic business that has a market-wide reputation built on its focus and expertise.”

“We have more acquisitions that are in the pipeline. Going forward, our pro forma annual Gross Written Premium is now in excess of US$200 million,” Thompson added.

Tim Coles, Group Chief Executive Officer, Nexus Underwriting Management Limited, commented:

“We are delighted that the team at Millstream is joining us. This is a value creating deal for both businesses. The additional PA and travel products together with their very established distribution channels present exciting opportunities for growth of the combined group.”

Martin Mills, who will become the Chairman of Millstream, said:

This is a very exciting next chapter in the development of a company that I founded over 16 years ago now, and to have access to the Nexus distribution base will offer us extensive opportunities to grow the account. I am very pleased to have found such an entrepreneurial company to join and I am looking to seeing what we can achieve together. ”

Simon McVey, who will become Managing Director of Millstream, commented:

“Our modus operandi dovetails in very well with the Nexus way of doing business and, already at this stage, and we are proceeding with plans to add to our senior team as we look to extend our reach.”The Specialty MGA, Nexus Underwriting Management Limited, today announced that it has wholly acquired City of London based Millstream Underwriting Limited, an independent managing general agency specialising in travel personal accident and sickness insurance covers, primarily underwritten on a business to business basis.

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