Nexus, Allianz to launch joint US E&S professional liability programme
Specialty managing general agent (MGA) Nexus Group has partnered with Allianz subsidiary Interstate Fire & Casualty to launch a multi-product programme writing management and professional liability on a surplus lines basis in the US, which is specifically tailored for small and medium-sized enterprises (SMEs).
The agreement will see Nexus Specialty, part of Nexus Underwriting’s US group of companies, underwrite the programme on behalf of Allianz.
The joint programme will cover primary and excess products including directors’ and officers’ insurance, employment practices liability, employed lawyers, crime, fiduciary, and errors and omissions, for a wide range of industry sectors and professions. It will be offered as standalone or modular structures.
Adam Kembrooke (pictured), chief executive officer and president of Nexus Underwriting US, said the surplus lines programme will expand its capabilities and enhance its offering in the financial lines marketplace.
“ Nexus US has a fantastic record of growing organically - doubling both premium and income in 2021 - and we are expecting to achieve at least 50% growth in 2022 with this important partnership with Allianz and by adding further programs and new hires in the specialty space.”
Stacy Paquet, executive vice president, head of management and professional liability, Nexus Specialty, added: “To remain relevant in this market, we have to be responsive to our brokers and clients and balance this with underwriting quality and control.
“This multi-year, multi-product arrangement is a long-term value-creating proposition, and I am looking forward to building on our excellent relationship with the team at Allianz - focusing our efforts on providing the highest quality products and service that support clients in a challenging US financial lines market.”
Matthew Azzara, head of management liability commercial, NA at Allianz, commented: “Financial and professional lines have always been key areas of focus for Allianz and we are excited to have Nexus Specialty complement our core business.
“Already having successfully paired with Nexus in Europe, our established relationship brings us great confidence to know we are partnering with the right team. Nexus’ proven track record combined with a mutually aligned global view of risk allows for strategic, long-term collaboration and we look forward to a successful stateside partnership.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
