Nexus Group, the specialty MGA, has announced a transaction with reinsurer PartnerRe which covers the current core financial lines underwritten by Nexus for five years.
"This partnership is a game changer for us and the London Market. It further builds our credibility and ratifies what we achieved in nearly five years of operation. We are very excited to have such a fully-fledged blue chip carrier to move forward with,” said Colin Thompson, CEO of Nexus Group.
The business will be underwritten by Nexus on behalf of PartnerRe Ireland Insurance.
"Nexus Underwriting Management is debt free and financially strong, showing a £1.9 million pre-tax profit in 2011 and an estimated in excess of £2 million pre-tax profit for 2012," Thompson added.
Nexus Group, which has gross written premium due to surpass US$100 million in 2013, has recently diversified into trade credit with the purchase of CIFS from Novae Underwriting.