Nexus, Crum & Forster and Hamilton partner on surety and trade credit venture

Specialty MGA Nexus, Fairfax subsidiary Crum & Forster (C&F) and Hamilton Insurance have teamed up to expand surety and trade credit operations in the UK that will be led by David Wright and Steve Powney, who have joined the company from RSG and AIG.

Nexus Group has formed a strategic partnership with Crum & Forster, a US-based property and casualty insurer, to establish a platform in London that will permit the build-out of its credit and political risk insurance unit.

The unit will target UK and Europe-based insureds, as well as to expand its surety business to target both reverse-flow opportunities and select European surety risks.

As part of its relationship with C&F, Hamilton Insurance DAC, a Dublin-based re/insurer and wholly-owned operating subsidiary of Hamilton Insurance Group, will provide the fronting capacity for the business in both the UK and EU, with a coverholder agreement for credit and political risk already executed. The new business will be fully reinsured by C&F.

Wright has joined the partnership as head of international credit and political risk. He has more than two decades of underwriting leadership in this sector, most recently at Ryan Specialty Group (RSG). In his new position, Wright will develop and promote the strategic vision for enhancing the credit book internationally, while building strong relationships with prospective business partners to foster growth.

Additionally, Powney has joined the partnership as the head of international surety business. Formerly the EMEA region & global surety product head at AIG, Powney brings more than 30 years’ surety industry experience. While his primary focus will be on reverse flow surety opportunities, he also will focus on sustaining key client and broker relationships to deliver surety services within the UK.

The underwriters retained by Nexus will trade under the name Crum & Forster International.

Colin Thompson, chief executive of Nexus Group, said: “We are delighted to enter into this partnership with C&F, which has become an important capacity supporter to Nexus over recent years, and this deal further cements an increasingly important strategic relationship for the Nexus Group.

"This is a positive growth story amid a difficult economic backdrop. We are pleased to welcome David and Steve to Nexus and look forward to working closely with C&F to grow this proposition.”

Anthony Slimowicz, COO and division president at Crum & Forster, added: “The Nexus and Hamilton relationships allow us to expand our portfolio within a well-regarded industry, while providing us with a great opportunity to continue delivering innovative solutions and the highest quality of service to our existing broker partners and clients—and now those in the UK and EU.”

Fiona Marry, chief executive of Hamilton Insurance DAC, commented: “As we celebrate one year of our Dublin platform joining Hamilton, and as part of the Company’s continued growth, we are well positioned as a long-term program partner, as evidenced by this compelling new collaboration. We’re pleased to bring these products to market together.”