Nexus taps AmTrust Lloyd’s CUO amidst potential IPO
Specialty managing general agent (MGA) Nexus Group has hired former chief underwriting officer of AmTrust at Lloyd’s Mike Sibthorpe amid a management shake-up and a potential initial public offering (IPO) this year.
Sibthorpe will join as chief executive officer of insurance and reinsurance at Nexus Underwriting Management, effective April 2018. He will also become a member of the Nexus Group board.
In his previous role, Sibthorpe was a member of the AmTrust at Lloyd’s board and responsible for overseeing the underwriting strategy of the company’s five syndicates following its acquisition of ANV. Prior to AmTrust, he was CEO for WR Berkley Syndicate 1967, having led the establishment of the Syndicate in 2009. Before that, Sibthorpe was CEO of Brit Global Markets and active underwriter of Brit Syndicate 2987.
Colin Thompson, founder and executive chairman of Nexus, said: “Bringing in someone of Mike’s calibre is a huge credit to the Company and the direction that we are headed. Mike has enjoyed an enormously successful and extensive career throughout the industry, establishing Lloyd’s syndicates, growing businesses and delivering improved underwriting performances.
"Overseeing the Group’s Insurance and Reinsurance operations, Mike will be responsible for the Group’s underwriting strategy and underwriting performance. Following three transformational years of rapid growth, during which the Group have completed seven acquisitions, grown EBITDA from £2.6 million in 2014 to £10 million in 2017 and increased GWP from £56 million to £175 million over the same period, this role is especially important to our model as an MGA. As Nexus looks ahead to more growth in 2018, Mike’s experience, technical ability and leadership will stand the Group in good stead.”
Nexus is exploring a “potential shareholder liquidity event” in 2018, according to a Jan. 17 press release. This could mean an IPO or a direct acquisition by other corporations or private equity firms, but the company has not specified its preferred option.
As part of this process, additional changes will include the appointment of a new non-executive chairman. Thompson will relinquish the role of executive chairman as he re-assumes the position of group CEO. Meanwhile, Tim Coles will become group COO while Stuart Rouse will continue as group chief financial officer. This management reshuffle will also be effective April 2018.
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