Nexus Underwriting (“Nexus”) announces the completion of its acquisition of Evolve Cyber Insurance Services LLC (“Evolve”), a leading California-headquartered cyber MGA. This is the 17th acquisition for Nexus since its formation in 2008 and marks an important expansion into the fast-growing specialist cyber class of business.
Evolve is a three-time Cyber MGA of the year winner and will now offer the new Evolved Nexgen policy, supported by Lloyd’s of London, in all 50 U.S. states. The company operates out of offices in California, New York, and Texas, and has over 3,000 broking partners nationally, serving around 6,000 policyholders.
Evolve is led by 4th generation insurance professionals and brothers Michael and Patrick Costello, together with a team of cyber experts who have built one of the largest SME cyber portfolios in the U.S.
The acquisition of Evolve significantly expands Nexus’s cyber insurance capabilities and market reach. Evolve’s strong distribution network and experienced team of cyber experts will complement Nexus’s existing technology-enabled data driven underwriting and position the company as a leading provider of cyber insurance solutions.
“We are thrilled to announce the completion of this acquisition,” said Adam Kembrooke, Chief Executive Officer and President of Nexus Underwriting U.S. “Evolve is a highly respected market leader in the U.S. cyber insurance space, and their team of cyber experts is second to none. This acquisition is a strategic move that will not only expand our specialty product offerings but also position Nexus as a leading provider of solutions at the forefront of the rapidly growing cyber insurance market.”
“We are excited to join the Nexus team,” said Michael and Patrick Costello, co-founders of Evolve. “Nexus is a leading specialty MGA with a strong track record of success, and we believe that this combination will create a powerful force in the cyber insurance market. Together, we will be able to offer our customers a broader range of products, provide them with superior service with the support they need to protect themselves against cyber risk and best-in-class claims support should they need it.”
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