Nexus acquires personal accident MGA
Nexus Underwriting Management, the specialty managing general agent (MGA), has acquired London-based independent MGA Millstream Underwriting.
Millstream Underwriting specialises in travel personal accident (PA) and sickness insurance covers.
This announcement follows Nexus’ acquisition of specialist MGA and Lloyd’s service provider EBA Insurance Services in August.
"The acquisition of Millstream complements perfectly our strategy to deliver a multi- product, but niche focused, specialty, MGA,” said Colin Thompson, executive chairman, Nexus.
“Martin and his team have built a fantastic business that has a market-wide reputation built on its focus and expertise.”
Thompson also said Nexus has more acquisitions planned.
“Going forward, our pro forma annual gross written premium is now in excess of $200 million,” added Thompson.
Tim Coles, group chief executive officer (CEO) of Nexus, added: “We are delighted that the team at Millstream is joining us. This is a value creating deal for both businesses.
“The additional PA and travel products together with their very established distribution channels present exciting opportunities for growth of the combined group.”
Martin Mills, who will become the chairman of Millstream, said: “This is a very exciting next chapter in the development of a company that I founded over 16 years ago now, and to have access to the Nexus distribution base will offer us extensive opportunities to grow the account.
“I am very pleased to have found such an entrepreneurial company to join and I am looking to seeing what we can achieve together.”
Simon McVey, who will become managing director of Millstream, said the firm is planning to add to its senior team as it extends its reach.
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