Nexus acquires London-based financial and professional lines MGA Plus Risk

Specialty managing general agent (MGA) Nexus Group has acquired Plus Risk (PRL), a London-based financial and professional lines MGA providing management liability and niche professional indemnity insurance.

The strategic acquisition aims to further expand Nexus' existing FinPro capabilities.

The PRL underwriting team is comprised of James Rasmussen and Neil Ede, who will both continue with the business post-acquisition, becoming shareholders in Nexus and moving into the group’s London headquarters.

Rasmussen, PRL founder and managing director, has over 19 years’ FinPro experience including broking and underwriting roles at companies such as Travelers and Chubb. Ede has 20 years’ experience including 7 years at Chubb and 10 years at AIG. He currently holds the role of head of management liability at PRL.

Nexus will appoint Group CEO Colin Thompson and a number of other directors to the board of PRL.

Thompson said: “This is a strategic acquisition for Nexus and a natural addition to our existing FinPro capabilities. We are acquiring PRL at an exciting stage in its development and will look to accelerate growth through our infrastructure, distribution channels and networks. We are also gaining a high calibre underwriting team and are pleased to welcome James and Neil to the Group.

"This is the second FinPro transaction we have completed so far this year and we are seeing fantastic results in this class of business, helped by the hardening market conditions. We continue to manage a busy pipeline of MGA opportunities internationally and are looking to further strengthen and diversify our business.”

Rasmussen said: “Neil and I are absolutely delighted to be joining the Nexus family and to be working with Colin and the team. It has been a very exciting two years in which we have launched and established Plus Risk and the acquisition will provide the perfect platform for Plus Risk to evolve and flourish.

It’s a great time to be involved in FinPro and with the group being such a successful, independent and international specialty MGA, we are confident that we will be able to extend our underwriting reach and use our joint experience to even better effect.”

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