Nexus Group, the independent specialist general agent (MGA), announced that it was acquiring the Hiscox MGA Marine (HMM) business from Hiscox MGA Ltd.
Completed on December 30, 2020 through an asset purchase in Millstream Underwriting Ltd., a Nexus Group company specializing in consumer insurance.
The team in HMM insures yachts and the shipping industry. The company was originally founded in 2012 and acquired by Hiscox in 2015.
Financial details of the acquisition have not been disclosed.
Hiscox will continue to provide insurance capacity for the company in addition to other existing markets, led by long-standing supporters Talbot and AXA XL. HMM becomes an integral part of Millstream and the business just keeps going.
HMM is led by Paul Miller, who has more than 35 years of experience in the yachting market, including eight years on the Joint Hull Committee and five years as Chairman of the Inland Hull, Fishing ships and Yachts Committee (IFY), which serves on the International Union of Marine Insurance (IUMI).
Dan Shacklock, Steven Baker, Charlotte Lovett and Karen Weston will also transfer to Millstream as part of the acquisition, which brings continuity and expertise to this specialized industry. The team will relocate to the Nexus Group headquarters on Leadenhall Street in London.
“After the very successful acquisition of Hiscox Global Flying in December 2018, it was a pleasure to work with Hiscox again. The opportunity to bring in a talented team with an established company and a leading position in the market is everything what we stand for, ”said Tim Brangwyn, COO of Nexus.
"The company will fit seamlessly into Millstream, where there will be a number of complementary growth and cross-selling opportunities to explore," he added.
The completion of this deal marks Nexus & # 39; 18th acquisition since its inception and is a great way to end 2020, ”said Colin Thompson, founder and CEO of Nexus. "As we strive to grow from a GWP MGA of $ 500 million today to a GWP MGA of $ 1 billion by 2023, this is just the kind of large specialty company with a significant underwriting family that we look forward to partnering."
Paul Miller, Director of Marine Underwriting, Hiscox MGA Marine, commented:
"As a team, we have had some great successes during our five years at Hiscox, and we look forward to creating more opportunities as part of Nexus."
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