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.
Nexus Marine is headed up by Managing Director Ravi Shroff, the same role he held for Beacon Underwriters, whilst Co Founder of the Nexus Group and Head of Specialty, Nexus Underwriting Asia, Kevin Gotts, runs Nexus Underwriting Asia.
Ravi Shroff, Managing Director, Nexus Marine, said:
“Our marine lines extend the Nexus product portfolio, further diversifying the group in the specialty niche underwriting arena. I am delighted that we have now been officially rebranded to become part of the Nexus family and its global MGA offering. Working side by side with Kevin and Daniel Dibden, Assistant Specialty Underwriter, will present us with new opportunities to access additional distribution channels and relationships with leading business producers in the Asian market.”
Kevin Gotts, Head of Specialty, Nexus Underwriting Asia, commented:
“This consolidating of our resource, employees and brand allows us to maximise our underwriting reach and support for regional brokers.
As we stated when we launched nearly two years ago, we will continue to create a highly profitable portfolio for our Underwriting Partners and provide them with low cost entry into Asian markets as well as an opportunity to generate revenue from the region that they may well not be able to access from other underwriting hubs,” Gotts added.
The Nexus Group is one of the largest independent specialty MGAs in the London Market operating across a number of specialist insurance sectors.
Notes for Editors
About Nexus Underwriting Asia and Nexus Marine
Nexus Underwriting Asia (NUA) was launched in November 2015 in Hong Kong as a branch of its regulated subsidiary Nexus Underwriting Ltd, the independent, international (re)insurance Managing General Agency based in London.
Nexus Marine’s main product areas are:
Cargo: Bulk commodities, Project cargo & Machinery, Crude oil & Products on GOT basis, Stockthroughput and Stand-alone storage on excess basis. Limit up to USD $20m per bottom. Hull: Commercial vessels, tugs, barges and supply boats trading in coastal and inland waters in Asia. Limit up to USD $3m.
Ports & Terminals / Marine Liabilities Insurance: Limit up to USD $10m.
Nexus Underwriting Asia will focus on the following classes of business in the Asia Pacific market:
Property Industrial All Risks
Trade Credit - Whole Account
Single Situation Credit
Directors and Officers and Financial Institutions Liability
Accident and Health
Commercial Professional Indemnity
Financial Institutions Blended D&O/FI/Crime
Financial Institutions Professional Indemnity
Pension Trustee Liability
Employment Practices Liability
Fine Art and Specie
Ravi Shroff is a founding partner of Beacon Underwriters Limited. He established the company in 2009 as a Lloyd’s Coverholder to write Marine Cargo business for Asian and Middle Eastern markets. With 34 years’ experience as an insurance underwriter, Ravi worked in India for five years and has been based in Hong Kong since 1987. During this period he has worked with underwriting agencies as well as multi-national insurance groups.
Kevin Gotts is a co-founding partner of The Nexus Group. He will be managing all Specialty Lines on a delegated coverholder basis and developing other classes of business. Kevin has 30 years market experience, 17 of those as Head of Directors and Officers at Nexus Underwriting Limited, and was previously employed at Axis Specialty London, Zurich Global Corporate UK, Chubb UK and AIG UK; for the other 13 years Kevin was a broker of Financial Lines business.
For more information, please visit:
Nexus Underwriting Asia Ltd trading as Nexus Marine – IARB No: 09974422
Nexus Underwriting Asia (HK) trading as Nexus Underwriting Asia – IARB No: 15975253
Photos of Ravi Shroff, Managing Director, Nexus Marine, and Kevin Gotts, Head of Specialty, Nexus Underwriting Asia, accompany this press release.
About The Nexus Group
Founded in 2008, the Nexus Group is a specialty MGA on a dynamic growth path, concentrating on niche classes of business and delivering excellent service and cutting edge products. Unlike nearly all other multi-product MGAs, Nexus is truly independent and can justifiably describe itself as a ‘virtual insurance company’.
Trading out of offices in London, France, Italy, Hong Kong and Ireland, the group employs over 110 people and has become one of the largest and most profitable independent specialty MGA's in the UK.
The Group underwrites 15 Specialty products on behalf of 23 underwriting partners who support their product offerings within the following lines of business:
Accident & Health
To access more details of these specialty classes of business please visit:
Recent developments have further expanded the group’s growth strategy:
November 2016 saw the launch of Nexus Claims, allowing Nexus to offer a complete service solution to its underwriting partners. Having a best in class in-house claims function allows Nexus to provide long-term continuity and top-tier service levels to brokers and their clients.
July 2016 Nexus Underwriting Management Limited acquired 100% of the shareholding in the Hong Kong domiciled Marine Managing General Agent, Beacon Underwriters Limited (Beacon), which marks its first overseas acquisition and the third one within 12 months. The acquisition of Beacon augments Nexus’ footprint in Asia. The new marine lines of business further diversify the group in the specialty niche underwriting arena.
December 2015 Nexus 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.
November 2015 Nexus Underwriting Asia (HK) was launched in Hong Kong to replicate the existing successful portfolio currently underwritten by the Nexus Group in London with other classes of business to be introduced during 2017.
August 2015 the acquisition of EBA Insurance Services in August saw Nexus being able to offer an extended product range to include Surety, Bond, Dommages à l’Ouvrage, Fine Art and Specie Insurance, Life and Event Cancellation.
For more information please visit: www.nexusunderwriting.com