Nexus Underwriting Management has announced the acquisition of 100% of the shareholding in Hong Kong-based marine managing general agency Beacon Underwriters.
Established in 2009 as a Lloyd’s coverholder to write marine cargo, hull and machinery and ports and terminals business for Asian and Middle Eastern markets, Beacon will help expand the Nexus footprint in the Asian market.
Beacon is led by managing director Dr Ravi Shroff, who has more than 30 years’ experience as an underwriter having worked in Hong Kong since 1987.
"We are delighted to welcome Ravi and his team to the Nexus family. Beacon has a proven track record of profitable underwriting and we are excited at the prospect of continuing to build on this success,” executive chairman of Nexus, Colin Thompson said.
Shroff will stay on with the business as managing director and will continue to trade from its offices at the Jubilee Centre in Wanchai.
"I am delighted for Beacon to become part of such a well-established, diverse and profitable global MGA. Being part of Nexus will enable us to access further distribution channels and present us with new opportunities, which we are most excited about,” Shroff said.
Nexus takes on marine underwriting for the first time in a bid to help diversify the business in another specialty niche and Jeremy Austen, principle officer of Nexus Underwriting Asia (HK), said the additions will help boost the business in Asia.
"We are very pleased to have Ravi and his team join our growing Nexus Underwriting Asia (HK) platform,” Austen said.
“Ravi is a well-respected Marine Underwriter and local Insurance practitioner here in Hong Kong.
“We look forward to adding Marine Hull, Cargo, Yachts and Liabilities to our growing Specialty products in Asia, whilst welcoming Ravi and his colleagues on-board."
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