Leading specialty managing general agent (MGA) Nexus Underwriting continues its expansion with an important acquisition in Asia and the appointment of a top group executive.
Nexus recently announced that it has acquired 100% of the shareholding in Beacon Underwriters, a marine MGA based in Hong Kong.
The acquisition, which is Nexus’s first overseas, augments the company’s footprint in Asia following the opening of its Hong Kong branch in 2015.
As part of the transaction, Beacon managing director Ravi Shroff will maintain his post and will report to Jeremey Austen, principal officer of Nexus Underwriting Asia.
“Ravi is a well-respected marine underwriter and local Insurance practitioner here in Hong Kong,” Austen said. “We look forward to adding marine hull, cargo, yachts and liabilities to our growing specialty products in Asia.”
For his part, Shroff said the transaction presents new opportunities to Beacon and enables the firm to access further distribution channels.
Nexus has also announced that dual-qualified lawyer Adam Kembrooke has joined the company as group chief legal officer and group chief risk officer.
In his new role, Kembrooke will establish and build a group-wide claims department and in-house corporate legal capability.
Nexus group executive chairman Colin Thompson said the new addition of a claims function enables the MGA to offer a complete service solution allowing access to niche specialty markets without the need to deploy additional capital.
Kembrooke most recently served as UK and claims head at PartnerRe. A licensed lawyer in England and Wales and in the US, he began his insurance career at
Chubb in 2002.
Nexus Group CEO Tim Coles said Kembrooke’s “high level of expertise, qualification and experience across claims, legal and risk will be a significant advantage” to the company.
“In particular, Adam’s experience in establishing and building start-up operations will be highly relevant, he having previously co-founded a new direct division of one of the world’s leading reinsurance companies,” Coles said.
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