Specialty Managing General Agent (MGA) Nexus Group has appointed Charles Penruddocke to Non-Executive Deputy Chairman of Nexus CIFS and Equinox Global.
He joins from a role wih MS Amlin Bermuda as Head of Specialty Lines and Global Product Lead.
The appointment comes off the back of Nexus’ continued expansion in the Trade Credit class, including organic growth enjoyed by Trade Credit MGA Nexus CIFS, and acquisitive growth as a result of recent purchases of Trade Credit MGA Equinox Global and Trade Credit intermediary Credit Risk Solutions.
Colin Thompson, Founder and Executive Chairman of Nexus, welcomed Penruddocke; “Charles is a hugely respected figure in the specialty market and we are delighted that he has chosen to join Nexus. In addition to a wealth of experience, Charles will bring valuable independence, governance and oversight to our growing Trade Credit MGAs.
“Trade Credit is a class of business that we have identified as having a lot of growth potential, with rates hardening and the market being comparably less saturated than other classes.
“We believe we have created the largest Trade Credit MGA outside of the US with a leading range of proprietary product offerings out of 5 different countries, GWP of £60 million, income of £13.5 million and 55 employees.
“Within 3 years, we see this growing into GWP of £100m out of 7 operating countries, and positioning ourselves as one of the top six credit insurance companies globally.”
Penruddocke has in excess of forty years of experience in underwriting and broking and prior to MS Amlin, Charles was Head of Specialty and International Underwriting at Arch Re in Bermuda, and he has been a member of Lloyd’s since 1974.
“I am much looking forward to adding my specialist experience to the continuing profitable growth of these two companies within the dynamic Nexus Group,” said Penruddocke.
