Nexus Underwriting has announced the completion of its acquisition of Evolve Cyber Insurance Services LLC, a California-headquartered cyber MGA. Marking the 17th acquisition for Nexus since its formation in 2008, this latest transaction helps the firm expand into the specialist cyber class of business.
Cyber MGA Evolve will now offer the new Evolved NexGen cyber policy, supported by Lloyd’s, in all 50 U.S. states. The company has more than 3,000 broking partners nationally, serving around 6,000 policyholders.
Adam Kembrooke, Chief Executive Officer (CEO) and President of Nexus Underwriting U.S., commented on the acquisition, “We are thrilled to announce the completion of this acquisition. Evolve is a highly respected market leader in the U.S. cyber insurance space, and their team of cyber experts is second to none.
“This acquisition is a strategic move that will not only expand our specialty product offerings but also position Nexus as a leading provider of solutions at the forefront of the rapidly growing cyber insurance market.”
Evolve is led by insurance professionals and brothers Michael and Patrick Costello, together with a team of cyber experts who have built one of the largest SME cyber portfolios in the U.S.
Nexus notes that this acquisition significantly expands both its cyber insurance capabilities and market reach. It’s hoped that Evolve’s strong distribution network and experienced team of cyber experts will complement Nexus’s existing technology-enabled data-driven underwriting.
Michael and Patrick Costello, co-founders of Evolve, said, “We are excited to join the Nexus team, Nexus is a leading specialty MGA with a strong track record of success, and we believe that this combination will create a powerful force in the cyber insurance market. Together, we will be able to offer our customers a broader range of products, provide them with superior service with the support they need to protect themselves against cyber risk and best-in-class claims support should they need it.”
