18 January 2018Insurance

Nexus taps AmTrust Lloyd’s CUO amidst potential IPO

Specialty managing general agent (MGA) Nexus Group has hired former chief underwriting officer of AmTrust at Lloyd’s Mike Sibthorpe amid a management shake-up and a potential initial public offering (IPO) this year.

Sibthorpe will join as chief executive officer of insurance and reinsurance at Nexus Underwriting Management, effective April 2018. He will also become a member of the Nexus Group board.

In his previous role, Sibthorpe was a member of the AmTrust at Lloyd’s board and responsible for overseeing the underwriting strategy of the company’s five syndicates following its acquisition of ANV. Prior to AmTrust, he was CEO for WR Berkley Syndicate 1967, having led the establishment of the Syndicate in 2009. Before that, Sibthorpe was CEO of Brit Global Markets and active underwriter of Brit Syndicate 2987.

Colin Thompson, founder and executive chairman of Nexus, said: “Bringing in someone of Mike’s calibre is a huge credit to the Company and the direction that we are headed. Mike has enjoyed an enormously successful and extensive career throughout the industry, establishing Lloyd’s syndicates, growing businesses and delivering improved underwriting performances.

"Overseeing the Group’s Insurance and Reinsurance operations, Mike will be responsible for the Group’s underwriting strategy and underwriting performance. Following three transformational years of rapid growth, during which the Group have completed seven acquisitions, grown EBITDA from £2.6 million in 2014 to £10 million in 2017 and increased GWP from £56 million to £175 million over the same period, this role is especially important to our model as an MGA. As Nexus looks ahead to more growth in 2018, Mike’s experience, technical ability and leadership will stand the Group in good stead.”

Nexus is exploring a “potential shareholder liquidity event” in 2018, according to a Jan. 17 press release. This could mean an IPO or a direct acquisition by other corporations or private equity firms, but the company has not specified its preferred option.

As part of this process, additional changes will include the appointment of a new non-executive chairman. Thompson will relinquish the role of executive chairman as he re-assumes the position of group CEO. Meanwhile, Tim Coles will become group COO while Stuart Rouse will continue as group chief financial officer. This management reshuffle will also be effective April 2018.

Join us at Intelligent Automation in Insurance - London 2018.  Book by Jan 31st and you could save £400.

More of today's news

Reinsurance capacity grows despite major cat losses

P&C industry faces earnings boost in 2018

Neon boosts political and credit risk unit

Ironshore reveals senior appointments in Bermuda

UK commercial motor MGA launched with QBE hires

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

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


More on this story

Insurance
13 February 2018   Nexus Group has acquired Lloyd's coverholder and a specialist directors & officers and financial institutions (DOFI) MGA Apsley Specialty.
Insurance
25 January 2018   Composite Legal Expenses, a wholly owned subsidiary of AmTrust, has agreed to buy the business and assets of York-based firm General Legal Protection.
Insurance
18 January 2018   AmTrust at Lloyd’s has appointed Chris Gibbs as its new head of space, joining from Osprey Aerospace.