Nexus signs up REG to manage compliance with international regulations

Specialty managing general agents the Nexus Group (Nexus) have signed up on-demand technology firm the REG Network to provide counterparty due diligence and agency management across its companies globally.

Nexus will work with the REG Network to establish new agencies, manage existing broker relationships, and keep on top of regulatory oversight and governance.

Jonathan Rusby, chief commercial officer at REG, said: “We are delighted to be working with Nexus. The global nature of Nexus’s underwriting business means that not only do they need to comply with FCA requirements in the UK, but also with the requirements of regulators in multiple jurisdictions.”

He said that the contract will allow Nexus and their producing brokers to “save time and cost, reducing the burden of repetitive manual inputs and checks of key corporate and regulatory data”.

This allows for faster and more seamless business critical administration, he added, including the electronic exchange and confirmation of international terms of business agreement.

Tim Coles, chief operating officer at the Nexus Group, said: “REG is proving to be an invaluable business partner, simplifying and helping create efficiencies in our processes and controls. We look forward to working with them further as we grow our UK and international presence, and implement solutions that allow us to better service our businesses.”