Nexus Underwriting, an independent specialty MGA, has announced that it has completed its acquisition of a majority stake in Spectrum Risk Management, a specialist MGA headquartered in Dubai that primarily focuses on Marine and Property insurance and reinsurance.
This marks Nexus’ 16th acquisition since the company formed in 2008, and the 26th acquisition for Kentro Capital, which marks another major milestone in the group’s international expansion.
Leading Spectrum is Michael Darby, an experienced veteran who has in excess of 40 years of experience within the re/insurance industry and oversees the Marine proposition.
At the same time, Andrew Crampton leads the property portfolio with over 25 years of underwriting experience in the class, including previous senior positions with global reinsurance giant Swiss Re and Lloyd’s syndicates.
It has also been confirmed that Spectrum’s Management team will continue to run the business as normal post-transaction while maintaining an ongoing minority stake in the business.
Post-acquisition, Spectrum will transition to the Nexus brand.
“The completion of this acquisition celebrates not only Nexus’ 16th MGA acquisition, but a landmark acquisition whereby our partnership with Spectrum expands our geographical footprint to Dubai. This deal also sees us acquiring a like-minded entrepreneurial business with similar core values and a proven focus on underwriting profitability,” said Colin Thompson, CEO Kentro Capital & CEO Nexus Underwriting.
“We are pleased to welcome Michael, Andrew and the rest of the team to the Group. With the teams’ experience sitting alongside our institutional infrastructure, we see a clear opportunity to build a Nexus Dubai business underwriting in excess of USD50 million in gross written premium over the next 3 years.”
“All of us at Spectrum Risk Management are delighted to have the opportunity to partner with such a successful and respected company as Nexus Underwriting. We believe that our Product Lines and presence within the MENA and Asia Pacific market fits perfectly with their established portfolio. Spectrum’s Underwriting philosophy, technical expertise and relationships with our Capacity Providers as well as markets will remain fundamental going forward. In addition, our valued clients and partners will have access to the Nexus platform with its obvious benefits as we enter the next exciting phase of Spectrum’s growth,” added Michael Darby, Founder and Managing Director of Spectrum.
