Specialty Managing General Agent (MGA) Nexus Group has completed the acquisition of Hiscox Global Flying (HGF) via an asset purchase into Millstream Underwriting Limited, a Nexus Group company that specialises in Accident & Health and Travel insurance.
HGF, which was bought by Hiscox in 2006, has provided insurance for aviation professionals since the business’ establishment in 1996.
While full ownership of HGF will transfer to Millstream, Hiscox will continue to provide underwriting capacity for the business.
“We are excited by the prospect of our new strategic partnership with Hiscox which we hope will be a long and fruitful relationship,” said Colin Thompson, Founder and Group Chief Executive Officer of Nexus.
“This is a great book of business with a proven track record of profitable underwriting and fits seamlessly into Millstream’s model.”
HGF Lead Underwriter Ian Groves, who is an expert in this space – having been with the business since 2003 – and Development Underwriter Jenny Gu, will transfer over to Millstream.
Gary Head, a Managing Director at Hiscox added, “Global flying is a long-standing book of business for Hiscox, which we will continue to provide capacity for through our underwriting partnership with Millstream.”
“We are confident that in working with Millstream, our broker partners and customers will find that it really is business as usual.”
