Leading independent specialty insurance intermediary, Nexus Underwriting Management Limited (“NUML”), announces today that it is to be re-named Kentro Capital Limited (“Kentro” or “Group”). Nexus Underwriting (“Nexus”), the largest independent specialty managing general agent (MGA) in the London market, and Xenia Broking (“Xenia”), the leading credit insurance and surety distribution specialist, will operate as distinct, independent brands under the Kentro holding company.
Colin Thompson will continue to lead Kentro as Chief Executive Officer. Tim Coles will remain Chief Executive Officer of Xenia and Colin Thompson will continue as Chief Executive Officer of Nexus. The change of name to Kentro – the Greek word for “Centre” – will become effective on 22 February 2022.
Colin Thompson, Founder and Chief Executive Officer of Kentro, said:
“Nexus today underwrites in excess of USD 500 million gross written premium, is the product of 15 acquisitions, operates out of nine counties and very much has its own distinct brand as a leading MGA platform. Similarly, Xenia is the second largest trade credit broker in the UK – having successfully concluded eight acquisitions and employing in excess of 70 staff – and is now a leading specialty broking platform. Since the Group started in 2008, we have enjoyed unparalleled success with a Group EBITDA compound annual growth rate (“CAGR”) of 30%.
It is clear as we continue along this development path – and in order to continue along this trajectory – that our branded businesses need to continue to forge their own unique identities. By becoming Kentro Capital Limited, we are refocusing our central purpose of managing our capital structure, and identifying and funding acquisitions – while ensuring that our distinct business segments are provided the space and separation to fulfil their ambitions.
I am extremely proud of the success and achievements of both businesses. We are at an extremely exciting time in our continued growth and development as a Group and this structure – built around greater autonomy, flexibility and entrepreneurship – is designed to be an enabler and catalyst for further sustained success.
Nothing changes from an ownership perspective and Kentro Capital Limited, who successfully refinanced in the summer with a new debt facility of £70 million, will continue to provide institutional support to its wholly owned businesses.”