Independent specialty Managing General Agent Nexus Group has acquired the marine business (HMM) from Hiscox MGA.
The purchase was via an asset purchase into Millstream Underwriting, a Nexus Group company specialising in consumer insurance.
HMM was originally established in 2012 and underwrites yachts and the marine trades industry.
Hiscox will continue to provide underwriting capacity for the business alongside other existing markets, led by Talbot and AXA XL.
HMM is expected to become an integral part of Millstream and the business will continue to operate as usual.
HMM is led by Paul Miller who has more than 35 years’ experience in the Yacht market including eight years on the Joint Hull Committee and five years as Chairman of the IUMI IFY Committee.
Dan Shacklock, Steven Baker, Charlotte Lovett and Karen Weston will also transfer to Millstream as part of the acquisition.
The team will move into the Nexus Group’s London headquarters in Leadenhall Street.
Commenting on the acquisition, Tim Brangwyn, Group COO of Nexus, said, “Following the very successful acquisition of Hiscox Global Flying in December 2018, it’s been a pleasure to work again with Hiscox.
“The opportunity to bring in a talented team with an established business and a leading position within its market is everything that we are about.
“I look forward to working with the team to further develop the business, whilst maintaining a strong focus on continuing its impressive track record of producing profitable underwriting results for our capacity partners.
“The business will fit seamlessly into Millstream where there will be a number of complementary growth and cross selling opportunities to explore.”
Colin Thompson, Founder and Group CEO of Nexus, commented, “The completion of this deal marks Nexus’ 18th acquisition since its inception and is a fantastic way to close out 2020.
“As we look to grow from a $500m GWP MGA today towards a $1billion GWP MGA in 2023, this is exactly the sort of sizeable specialty business with significant underwriting pedigree that we will be looking to partner with moving forwards.”