Nexus Underwriting (“Nexus”) announces that it has completed the acquisition of a majority stake in Spectrum Risk Management (“Spectrum”), a specialist MGA headquartered in Dubai focusing on Marine and Property insurance and reinsurance.
This is the 16th acquisition for Nexus since its formation in 2008 – and the 26th acquisition for Kentro Capital – marking another significant milestone in the Group’s international expansion, adding new territories to its operations and broadening the product offering into new classes of business. Spectrum is led by Michael Darby who has in excess of 40 years’ experience in the (re)insurance industry and oversees the Marine proposition. Andrew Crampton leads the property portfolio with over 25 years’ underwriting experience in the class, including previous senior positions with Swiss Re and Lloyd’s syndicates.
The Spectrum Management team will continue to run the business as normal post-transaction while maintaining an ongoing minority stake in the business. Post-acquisition, Spectrum will transition to the Nexus brand.
Colin Thompson, CEO Kentro Capital & CEO Nexus Underwriting, commented:
“The completion of this acquisition celebrates not only Nexus’ 16 th MGA acquisition, but a landmark acquisition whereby our partnership with Spectrum expands our geographical footprint to Dubai. This deal also sees us acquiring a like-minded entrepreneurial business with similar core values and a proven focus on underwriting profitability. We are pleased to welcome Michael, Andrew and the rest of the team to the Group. With the teams’ experience sitting alongside our institutional infrastructure, we see a clear opportunity to build a Nexus Dubai business underwriting in excess of USD50 million in gross written premium over the next 3 years.”
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