Nexus acquires Hiscox Global Flying
Specialty managing general agent (MGA) Nexus Group has acquired Hiscox Global Flying (HGF), a provider of insurance for aviation professionals.
The transaction was performed via an asset purchase into Millstream Underwriting, a Nexus Group company which specialises in accident & health and travel insurance.
HGF protects aviation professionals against the financial consequences of loss of license and training expenses resulting from bodily injury or illness. The business was established in 1996 and acquired by Hiscox in 2006. While full ownership of HGF will transfer to Millstream, Hiscox will continue to provide underwriting capacity for the business.
The HGF customer base is principally airline pilots, with the remainder of the book comprising helicopter pilots, air traffic controllers, cabin crew and marine personnel. HGF provides both group and individual policies predominantly in the UK and Europe, with some wider international business.
HGF lead underwriter Ian Groves and development underwriter Jenny Gu will transfer across to Millstream. Millstream, headed up by managing director Tim Brangwyn, specialises in travel, personal accident, and sickness insurance covers, primarily underwritten on a business-to-business basis. Millstream was acquired by Nexus in December, 2015.
“This acquisition will expand Millstream’s capabilities and expertise in the accident & health space,” said Nexus CEO Colin Thompson. “As a group, we continue to look at enhancing our current offering through strategic deals such as this one, and by diversifying into new product areas through transformational acquisitions. There will be further cross selling opportunities with the Group’s recent acquisition of aerospace MGA Altitude Risk Partners which we will look to capitalise on during 2019.
“This is our 4th acquisition in 2018 and our 8th in the last 20 months. We continue to see a healthy flow of new opportunities and will look to take advantage of this in 2019,” Thompson added.
