Nexus acquires Beacon

Nexus Underwriting Management (Nexus), has acquired 100 percent of the shareholding in the Hong Kong domiciled marine managing general agent (MGA), Beacon Underwriters (Beacon).

This marks Nexus’ first overseas acquisition and the third one within the last 12 months.

The acquisition is part of Nexus’ expansion in Asia, following the opening of Nexus Underwriting Asia (HK) in 2015.

According to Nexus, the acquisition of Beacon will help Nexus diversify the group in the specialty underwriting arena.

Beacon was established in 2009 as a Lloyd’s cover holder to write marine cargo, hull and machinery, and ports and terminal business for Asian and Middle Eastern markets.

As part of the transaction, Ravi Shroff will remain as managing director of Beacon and will report into Jeremy Austen, principal officer of Nexus Underwriting Asia (HK).

Beacon will also continue to trade out of their current offices located at the Jubilee Centre, in Wanchai, for the time being. Shroff will be supported by his long-serving employees Eric Cheng as marine underwriter and Louisa To as accounts assistant.

Shroff has over 30 years of experience as an insurance underwriter and has been in Hong Kong working as an underwriter since 1987.

Colin Thompson, executive chairman of Nexus, commented: "We are delighted to welcome Ravi and his team to the Nexus family. Beacon has a proven track record of profitable underwriting and we are excited at the prospect of continuing to build on this success.”