Nexus has expanded its distribution opportunities and expertise with the acquisition of fast-growing Specialist Trade Credit MGA and registered Lloyd’s Coverholder, Equinox Global, as well as all other Equinox group companies.
The founders of Equinox and Beazley, previously the MGA’s biggest shareholder, are set to become shareholders in Nexus, aligning all parties to grow and develop the business.
Colin Thompson, Founder and Executive Chairman of Nexus, said; “Beazley offering a 10-year capacity commitment speaks volumes about the quality of both Equinox’s underwriting and management.
“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.”
Nexus CIFS is one of the UK’s leading suppliers of Trade Credit Insurance and related credit management services, underwriting £40m of gross written premiums in Whole Turnover and Single Situation Credit Insurance.
Thompson said Equinox and Nexus CIFS’ books of business are complementary, adding that with very little overlap of line sizes and geographical focus, the transaction will result in significant opportunities for global expansion through harnessing joint distribution channels.
Beazley’s 10 year underwriting support agreement with Equinox will continue and the specialist trade credit MGA’s founding shareholders and management team will remain in place, with Steen Parsholt as Chairman and Mike Holley as Chief Executive Officer.
Holley commented; “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.
“There is a significant opportunity to take advantage of Nexus CIFS’ product offerings, feeding these through and leveraging the significant investments Equinox has made in its international office network and infrastructure.
“Equinox specialises in writing trade credit insurance for larger corporates and multinational companies. The product offering includes non-cancellable credit limits; syndication with other credit insurers, and a top quality credit limit service delivered by its state of the art online portal Equinox Approach.”
Richard Marriage, Managing Director, Nexus CIFS, added; “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.”
Trading out of offices in London, France, Germany, Netherlands, USA, Italy, Hong Kong and Ireland, the Nexus Group employs over 135 people and has become one of the largest and independent specialty MGA’s in the UK.
