Nexus acquires marine cargo MGA from Aquila
Specialty Managing General Agent (MGA) Nexus Group has acquired Lloyd's coverholder Vectura Underwriting from Aquila Underwriting.
Vectura is a specialist marine cargo re/insurer headed by Stephen Fletcher and Tim Hancox, who will relocate to Nexus’ global headquarters following the acquisition.
"This is the first addition to be incorporated under the Nexus Marine division, here in London, and we bought Vectura as a continuation of our plan to acquire profitable, niche portfolios of business with an auditable history of making profit for carriers," said Colin Thompson, founder and executive chairman of Nexus.
"This acquisition adds a new class of short tail business to our London operations and is run by two high class individuals, whilst its worldwide geographic focus nicely compliments the marine business currently written in Asia by Nexus," Thompson added.
Nexus noted that the deal is part of its plan to acquire profitable businesses that can be incorporated under its new marine division in London. In July 2016, Nexus acquired 100 percent of the shareholding in the Hong Kong domiciled marine MGA Beacon Underwriters.
Fletcher, divisional managing director of Vectura Underwriting, commented: "Understanding risk exposure to cargo transiting worldwide is fundamental in the global environment where insuring aspects of the global supply chain continues to be much in demand.
"Tim and I have years of proven experience in assisting clients to manage and mitigate these risks, and service and innovation have always been our key drivers as we look to deliver bespoke solutions to brokers and clients for their risk exposures. We are able to provide a full range of associated policies including annual cargo and freight liability, global transit and storage programmes and stock throughput policies."
Fletcher joined Aquila Underwriting in 2007 as managing director. Prior to that, he was head of marine London at Allianz Global Corporate and Specialty. He has previously worked at Assurances Generales de France (AGF) and recently he was elected to the new board of the Institute of London Underwriters (ILU).
Hancox joined Vectura Underwriting as a partner and cargo underwriter in 2007, and his career has included stints at Allianz Global Corporate and Specialty, as senior cargo underwriter, and at the CAMAT / AGF operation to deputise on cargo underwriting and develop internal management systems.
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