Nexus snaps up California MGA, expands in cyber market
Specialty managing general agent (MGA) Nexus Underwriting has acquired a California-based MGA, in what it described as a “strategic move” to expand its capabilities and reach in the cyber insurance market.
Nexus has completed the acquisition of Evolve Cyber Insurance Services. The deal marks Nexus’ 17th acquisition since its formation in 2008 and an “important expansion” into the fast-growing specialist cyber class of business.
Evolve will offer its new Evolved Nexgen policy, supported by Lloyd’s of London, in all 50 US states. The company operates out of offices in California, New York, and Texas, and has over 3,000 broking partners nationally.
Adam Kembrooke, chief executive officer and president of Nexus Underwriting US, said: “We are thrilled to announce the completion of this acquisition. Evolve is a highly respected market leader in the U.S. cyber insurance space, and their team of cyber experts is second to none. This acquisition is a strategic move that will not only expand our specialty product offerings but also position Nexus as a leading provider of solutions at the forefront of the rapidly growing cyber insurance market.”
Michael and Patrick Costello, co-founders of Evolve, added: “We are excited to join the Nexus team. Nexus is a leading specialty MGA with a strong track record of success, and we believe that this combination will create a powerful force in the cyber insurance market. Together, we will be able to offer our customers a broader range of products, provide them with superior service with the support they need to protect themselves against cyber risk and best-in-class claims support should they need it.”
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