Nexus launches new US financial lines division

Specialty managing general agent (MGA) Nexus has launched a new financial lines division in the US under its newly formed entity Nexus Specialty.

Underwriting capacity for the new line is provided by Professional Solutions Insurance Company (PSIC).

The new division will be led by Stacy Paquet, who has over 15 years of experience in the US management liability underwriting market and distribution relationships to build on the long-term presence Nexus has had in the financial lines space in the UK. The underwriting and claims functions for the new division will be operated from an office in the Chicago area.

Adam Kembrooke, chief executive officer and president, Nexus Specialty, said: “We have ambitious plans to grow in the specialty insurance market in the US and are committed to replicating the success Nexus Group has already had in the UK and Europe. As a group, we were founded as a financial lines MGA and already have a tremendous reputation and track record in this sector - I am delighted to have Stacy join us and to have such a great carrier partner in PSIC to continue building on that success in the US.”

James West, vice president – corporate new business development, PSIC said: “PSIC is thrilled to partner with an innovative and strategic company like Nexus Group. From the moment we met Adam and Stacy, we were impressed at their level of knowledge and understanding about how to build this program from the ground up.

"We have been focused on establishing key partnerships with organisations and people that have strong reputations for not only growing the business, but also how they serve their clients. Nexus Group has demonstrated their ability to perform both of these objectives and we look forward to our valued partnership as we launch the first of many products to the market.”

Paquet, head of management & professional liability, Nexus Specialty, commented: “I’m excited about the opportunity to work for a growing, entrepreneurial company and to build a specialised underwriting unit that will really set itself apart in a crowded market through true niche expertise and unified approach. We will be focused on writing Management and Professional Liability for small to middle market non-profit and privately held organizations domiciled in the US.”