Nexus Specialty to offer US admitted paper nationally for its trade credit facility
Nexus Specialty, part of MGA Nexus Group, has agreed to a wide ranging new program agreement with A rated Crum & Forster that allows Nexus to underwrite their trade credit products on a fully admitted basis in the US.
Nexus Specialty has been a Lloyd’s of London coverholder for the US and Canada since May 2014 underwriting multi buyer trade credit business, and has now established itself in this domestic market with a wide broker network predominantly on a surplus lines basis.
Antje Seiffert-Murphy, head of trade credit USA and Canada, Nexus Specialty, said: “This is a first for our Trade Credit division, complementing the efforts of the US office to successfully build a strong diversified book. The uniqueness of the US market, where local competitors mainly place business on an admitted basis, provided us with the challenge to make more inroads into writing small and mid-market business. The qualities and capabilities of Crum & Forster resonate with our philosophy of building long-term strategic partnerships and providing alternative solutions in an ever-changing insurance market.
“This exciting new partnership will allow us to achieve a position where we can access the full competitive advantage from our system, as we will be almost unique in combining non-cancellable limits with an underwriting system more prevalent with cancellable limit underwriters.”
Daniel Sussman, senior vice president with Crum & Forster leading its credit initiatives said: “Nexus Group has well known global expertise in multi buyer credit and we are pleased to be partnering with them to complement our growing credit-related businesses.”
This announcement follows the launch of Nexus Specialty as a rebrand of Equinox Global in November 2019 which further enabled Nexus Group to extend its reach and product lines in the US.
