Nexus Group targets becoming biggest MGA
A strong set of results announced by the private equity backed Nexus Group could set it on course to become the largest independent managing general agency (MGA) in the London Market. The group has expanded quickly since its formation in March 2010 through a series of mergers and acquisitions.
The group said it anticipates its gross written premiums will likely surpass $100 million for 2013 via 12 capacity providers covering specialty lines including directors’ & officers’ liability, financial institutions, professional indemnity and trade credit. This landmark would make it the biggest MGA in the market.
The group recently diversified into trade credit with the purchase of the trade credit insurance division of Novae Indemnity. Colin Thompson, CEO of Nexus Group, said the group is always on the lookout for similar opportunities to grow.
“Although we are not adverse to organic development, our preference is to grow via mergers and acquisitions," Thompson said.
The company also recently appointed Nigel Cotton as group chief financial officer, rebranded the business and moved to an office near Lloyd's, at 150 Leadenhall Street.
