Nexus Group has completed its swoop for Hiscox Global Flying (HGF).
The specialty managing general agent acquired the pilots insurance provider via an asset purchase into Nexus company Millstream Underwriting Limited. The deal, financial terms of which were not disclosed, will see the transfer not only of ownership but also of HGF lead underwriter Ian Groves and development underwriter Jenny Gu to Millstream.
HGF caters principally to airline pilots while other clients include helicopter flyers, air traffic controllers, cabin crew, and marine personnel. It provides both group and individual policies that protect against the financial consequences of loss of license and training expenses resulting from bodily injury or illness.
Hiscox will continue to provide underwriting capacity for the business while all existing arrangements and quotes will be honoured. New quotes, on the other hand, will be rebranded as Millstream Global Flying.
“This acquisition will expand Millstream’s capabilities and expertise in the accident & health space,” noted Nexus founder and group chief executive Colin Thompson. “As a group, we continue to look at enhancing our current offering through strategic deals such as this one, and by diversifying into new product areas through transformational acquisitions.
“There will be further cross-selling opportunities with the group’s recent acquisition of aerospace MGA Altitude Risk Partners which we will look to capitalise on during 2019.”
Snapped up by Nexus three years ago, Millstream is led by managing director Tim Brangwyn and specialises in travel, personal accident, and sickness insurance covers.
Meanwhile Hiscox’s Gary Head commented: “Global Flying is a longstanding book of business for Hiscox, which we will continue to provide capacity for through our underwriting partnership with Millstream. We are confident that in working with Millstream, our broker partners and customers will find that it really is business as usual.”
