Nexus Group buys Capital Risks MGA
Independent specialty Managing General Agent (MGA) Nexus Group (Nexus) has acquired Capital Risks MGA (CRM), a London based warranty and indemnity MGA.
Nathan Sewell and Jason Edwards launched CRM in August 2017 to offer transaction liability insurance for small and medium sized deals. The purchase of CRM will enable Nexus to develop its financial and professional lines (FinPro) products.
CRM’s underwriting team, made up of Angus Ogg and Richard Mills, will stay with the business and move into Nexus’ London headquarters.
Sewell will remain on the CRM board as a non-executive director.
After the deal completes, CRM will be rebranded and trade as Nexus Transactional Risks. Nexus plans to appoint group CEO Colin Thompson and a number of other directors to the CRM board.
Colin Thompson, Nexus founder and group CEO, said: “This is an excellent opportunity for Nexus to further diversify into a growing product area with traditionally high barriers to entry through the acquisition of an MGA with highly attractive underwriting margins.
Focussing on small and medium sized deals, CRM is a complementary fit with our existing FinPro book, which was the first class we launched in 2008 and now produces gross written premium of £50 million.
“We see a number of exciting cross selling opportunities across our FinPro client base which we will look to exploit via our comprehensive product suite, infrastructure and distribution channels - always with a focus on underwriting profitability.”
He said the acquisition marked Nexus’ 15th transaction and its second in a week, after the company bought trade credit broker Credit & Business Finance and launched Xenia Broking Group.
“This is an exciting time for Nexus and the completion of our second capital raising process means we will be able to continue on the dynamic growth strategy we are currently enjoying,” he added.
Nexus has also successfully concluded a second capital raise of £16 million that will enable it to further continue its merger and acquisition activity.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Lloyd’s CEO sponsors modernisation project LM TOM
Newline Group launches Brexit hub in Germany; appoints CEO
Everest swoops for Ironshore execs to expand Lloyd’s casualty unit
AXA XL eyes expansion in alternative capital space
Sompo International unveils new CEO of property/casualty business
AIG appoints new chief information security officer from Wells Fargo
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze