Nexus Underwriting introduced that it has accomplished the acquisition of a majority stake in Spectrum Threat Administration, a specialist MGA headquartered in Dubai that focuses on marine and property insurance coverage and reinsurance.
That is the 16th acquisition for Nexus since its formation in 2008 and the 26th acquisition for Nexus’ guardian firm, Kentro Capital.
Spectrum is led by Michael Darby who has in extra of 40 years’ expertise within the re/insurance coverage trade and oversees the marine proposition. Andrew Crampton leads the property portfolio with over 25 years’ underwriting expertise within the class, together with earlier senior positions with Swiss Re and Lloyd’s syndicates.
The Spectrum administration crew will proceed to run the enterprise as regular post-transaction whereas sustaining an ongoing minority stake within the enterprise. Publish-acquisition, Spectrum will transition to the Nexus model.
Spectrum underwrites two core portfolios: marine (together with marine hull, cargo and legal responsibility lessons) and property (together with above-ground mining, operational energy and onshore vitality).
“The completion of this acquisition celebrates not solely Nexus’ 16th MGA acquisition, however a landmark acquisition whereby our partnership with Spectrum expands our geographical footprint to Dubai. This deal additionally sees us buying a like-minded entrepreneurial enterprise with comparable core values and a confirmed give attention to underwriting profitability,” commented Colin Thompson, CEO Kentro Capital and CEO of Nexus Underwriting.
“We’re happy to welcome Michael, Andrew and the remainder of the crew to the group. With the groups’ expertise sitting alongside our institutional infrastructure, we see a transparent alternative to construct a Nexus Dubai enterprise underwriting in extra of US$50 million in gross written premium over the following three years,” Thompson added.
“All of us at Spectrum Threat Administration are delighted to have the chance to associate with such a profitable and revered firm as Nexus Underwriting,” in line with Michael Darby, founder and managing director of Spectrum.
“We imagine that our product strains and presence inside the MENA and Asia Pacific market suits completely with their established portfolio,” Darby continued. “Spectrum’s underwriting philosophy, technical experience and relationships with our capability suppliers in addition to markets will stay elementary going ahead. As well as, our valued purchasers and companions can have entry to the Nexus platform with its apparent advantages as we enter the following thrilling part of Spectrum’s progress.”
Based in 2008 and with its international headquarters in London, Nexus Underwriting is an unbiased, specialty managing normal agent with a give attention to area of interest insurance coverage lessons of enterprise. Nexus is a completely owned subsidiary of Kentro Capital Ltd., a holding firm with a give attention to investing in MGAs and insurance coverage brokers globally. Kentro gives institutional help to its wholly owned companies and employs over 350 employees in eight international locations: UK, France, Germany, Italy, The Netherlands, USA, China (Hong Kong SAR) and Malaysia (Labuan FT).
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