Nexus Group expands into the Irish market
Specialty managing general agent (MGA) Nexus Group has opened a new office in Cork following the establishment of a branch in Ireland, headed by Stephen Comerford, in July 2016.
Prior to joining Nexus in 2016, Comerford worked in the property and casualty divisions of Aviva Ireland, and Campion Insurance Brokers. He has over 15 years of experience in surety bonds.
Comerford, the new business development manager – Ireland and UK, Nexus EBA, stated: "The new office will give us an excellent platform to continue supporting the group, now one of the UK's largest MGAs, and our surety capacity provider, AmTrust Europe Limited, an ‘A’ rated insurer, with whom we have direct access to decision makers with underwriting ability to deliver bonds within the timeframe required, all bringing stability and peace of mind to projects across all sectors.
"The timing of our expansion in the Irish market is significant with the construction sector set to recover and increase by 20 percent in 2017. By specialising in Performance Bonds, Advance Payment Bonds and Duty Deferment Bonds, with ability to develop other products such as Professional Indemnity that are already part of the Nexus offering, we are able deliver timely and significant support to contractors to enable them to secure tender contracts.
"Additionally, the Irish branch office can now also provide a formal presence in Ireland for Freedom of Services insurers whereby it can act as local Process Agent to Irish beneficiaries who require that service."
Comerford specialises in securing solutions for builders, developers and licensed service contractors in a market where many traditional surety players have ceased underwriting this class of business.
Nexus acquired EBA Insurance Services in August 2015 which enabled the MGA to offer an extended insurance product range that included surety, latent defects, construction and casualty throughout Europe.
The company also recently acquired the personal accident treaty reinsurance MGA operated by Lloyd's coverholder ZON Re via an asset purchase. The deal was Nexus’s first foray into the US MGA market, and the third recent acquisition following the purchase of Equinox Global and Vectura Underwriting.
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