Nexus snaps up trade credit MGA Equinox Global
Specialty managing general agent (MGA) Nexus Group has acquired Lloyd’s coverholder Equinox Global and all other Equinox group companies.
Following the transaction, Equinox will continue to be provided with underwriting capacity by Beazley, previously its largest shareholder, through a 10 year underwriting support agreement.
Equinox, the specialist trade credit MGA with offices in London, New York, Paris, Hamburg and Amsterdam, will continue to be supported by its founding shareholders and management team of Steen Parsholt, Mike Holley, Rob Crampton and Vicki Harrison, according to the statement.
Parsholt will remain as chairman and Holley as chief executive officer of Equinox, with the founders of Equinox and Beazley becoming shareholders in Nexus.
"Beazley offering a 10 year capacity commitment speaks volumes about the quality of both Equinox’s underwriting and management," said Colin Thompson, founder and executive chairman of Nexus.
"We are excited about working together with Mike and his team to build a global market leading trade credit offering which, when combined with our current trade credit MGA Nexus CIFS, will be a £60m GWP business underwriting profitable global specialist trade credit insurance."
In June, Nexus Group announced the acquisition of specialist marine cargo re/insurer and Lloyd's coverholder Vectura Underwriting from Aquila Underwriting.
Holley commented: "We are delighted to be joining the Nexus Group for the next stage in the Equinox journey. I have been really impressed at Nexus’ commitment to the trade credit class, and this acquisition will enable Equinox to accelerate its growth and product offering in all countries where we are present.
"The combined Nexus CIFS and Equinox together will be a powerful force for change in the Global trade credit market. There is a significant opportunity to take advantage of Nexus CIFSs’ product offerings, feeding these through and leveraging the significant investments Equinox has made in its international office network and infrastructure."
Richard Marriage, managing director of Nexus CIFS, added: "Both the Nexus CIFS and Equinox teams look forward to mutually enhancing the combined offering that was so successfully developed by each business in their respective market places.
"Working together will result in market leading service and expertise being provided to our supporting brokers and unique distribution opportunities across our underwriting capacity providers. The combined business will generate in excess of £60m profitable GWP, which will make Nexus Trade Credit a force to be reckoned with in the Trade Credit market.”
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