Independent specialty MGA Nexus Underwriting Management Limited has revealed “hugely impressive” growth figures in its financial results for 2016.
Nexus reported gross written premiums (GWP) of £108 million, up by 56% from the previous year, while income rose by 39% to £19.6million.
Earnings before interest, tax, depreciation and amortization surged by 66% to reach £5 million, 11.6% of which was organic. Also, EBITDA margin increased from 25% to 28.5%.
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The strongest performing divisions during 2016 were Nexus EBA, which doubled its EBITDA, along with Nexus Millstream and Nexus CIFS, which grew their figure by 50% and 46% respectively.
“We are absolutely delighted with these hugely impressive figures which demonstrate that during 2016 we successfully integrated and grew the two acquisitions made during 2015, grew our core business, improved our margin and set the scene for an even more ambitious and successful 2017,” said Nexus CEO Tim Coles.
According to Coles, Nexus is aiming at high double-digit earnings growth on GWP and income in 2017. The company is also expecting its EBITDA to soar by 40% to £7 million driven entirely by organic growth.
This year, Nexus will also “continue to challenge the established model” as it develops into a “genuine virtual insurer,” according to company founder and executive chairman Colin Thompson.
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