Nexus adds deputy chairman in trade credit expansion

Specialty managing general agent (MGA) Nexus Group said that Charles Penruddocke has joined as non-executive deputy chairman of Nexus CIFS and Equinox Global in a Nov. 2 statement.

Penruddocke was most recently MS Amlin Bermuda’s head of specialty lines and global product lead. He 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, Penruddocke was head of specialty and international underwriting at Arch Re in Bermuda, and he has been a member of Lloyd’s since 1974.

The appointment comes as Nexus seeks to expand in the trade credit class, including organic growth via its trade credit MGA Nexus CIFS, and acquisitive growth as a result of recent purchases of trade credit MGA Equinox Global and trade credit intermediary Credit Risk Solutions.

Colin Thompson, founder and Executive Chairman of Nexus, said:

“Charles is a hugely respected figure in the specialty market and we are delighted that he has chosen to join Nexus. In addition to a wealth of experience, Charles will bring valuable independence, governance and oversight to our growing Trade Credit MGAs.

“Trade Credit is a class of business that we have identified as having a lot of growth potential, with rates hardening and the market being comparably less saturated than other classes. We believe we have created the largest Trade Credit MGA outside of the US with a leading range of proprietary product offerings out of 5 different countries, GWP of £60 million, income of £13.5 million and 55 employees. Within 3 years, we see this growing into GWP of £100m out of 7 operating countries, and positioning ourselves as one of the top six credit insurance companies globally.”

Penruddocke commented: “I am much looking forward to adding my specialist experience to the continuing profitable growth of these two companies within the dynamic Nexus Group.”

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