Leading independent specialty managing general agent Nexus Group (Nexus) today announced that it has entered into a strategic partnership with Crum & Forster (C&F), a US-based top national property and casualty insurance company and wholly-owned subsidiary of Fairfax Financial.
As part of this transaction, C&F has engaged with Nexus to establish a platform in London that will permit the continued build-out of its credit and political risk insurance unit to target UK and European-based insureds, as well as to expand its surety business to target both reverse-flow opportunities and select European surety risks. The underwriters retained by Nexus will trade under the name “Crum & Forster International”. As part of its relationship with C&F, Hamilton Insurance DAC (Hamilton), a Dublin-based insurer and reinsurer, and wholly-owned operating subsidiary of Hamilton Insurance Group, Ltd., will provide the fronting capacity for the business in both the UK and EU, with a coverholder agreement for credit and political risk already executed. This business will be fully reinsured by C&F.
David Wright joins the partnership as Head of International Credit and Political Risk. David brings to the role extensive insurance market experience, including more than two decades of underwriting leadership in this sector, most recently at Ryan Specialty Group. In his new position, David will develop and promote the strategic vision for enhancing the credit book internationally, while building strong relationships with prospective business partners to foster growth.
Steve Powney joins the partnership as the Head of International Surety business. Formerly the EMEA Region & Global Surety Product Head at AIG, Steve brings more than 30 years’ surety industry experience. While his primary focus will be on reverse flow surety opportunities, he also will focus on sustaining key client and broker relationships to continue delivering superior surety services within the UK.
Colin Thompson, CEO of Nexus Group, said:
“We are delighted to enter into this partnership with C&F, which has become an important capacity supporter to Nexus over recent years, and this deal further cements an increasingly important strategic relationship for the Nexus Group.
This is a positive growth story amid a difficult economic backdrop. We are pleased to welcome David and Steve to Nexus and look forward to working closely with C&F to grow this proposition.”
Anthony R. Slimowicz, Esq., COO & Division President at Crum & Forster, added:
“The Nexus and Hamilton relationships allow us to expand our portfolio within a well-regarded industry, while providing us with a great opportunity to continue delivering innovative solutions and the highest quality of service to our existing broker partners and clients—and now those in the UK and EU.”
Fiona Marry, CEO, Hamilton Insurance DAC, further commented:
“As we celebrate one year of our Dublin platform joining Hamilton, and as part of the Company’s continued growth, we are well positioned as a long-term program partner, as evidenced by this compelling new collaboration. We’re pleased to bring these products to market together.”