Nexus Underwriting, part of the Brown & Brown group, has announced an agreement to acquire Arma Fusion Limited, the parent company of Arma Underwriting Limited. The acquisition marks a major step in Nexus’ global expansion, particularly in the Middle Eastern insurance market.
Arma Underwriting, headquartered in the Dubai International Financial Centre (DIFC), specialises in property, energy, liability, consumer, and accident and health (A&H) reinsurance lines. Since its founding in 2017, Arma has gained a reputation for delivering tailored solutions. The company’s accomplishments include being named MGA of the Year at the 2023 Middle East Insurance Industry Awards.
This acquisition is Nexus’ 18th since its inception and the first since being acquired by Brown & Brown in October 2023, a news release highlighted. Arma will retain its leadership under founder and CEO Michael Rafter, who will collaborate with James Lawrie, Nexus CEO for the UK, Europe, and international operations, to drive further growth in the region.
Stuart Rouse, CEO of Kentro and Nexus Group, emphasised the importance of the acquisition in strengthening the company’s position in the Middle East. “This acquisition signifies our ambition to continue investing in the rapidly growing insurance markets of Dubai and the Middle East,” Rouse said. “Arma’s business, with its range of specialty commercial products underpinned by significant underwriting specialisation, will expand and enhance our existing product offering.
“This investment demonstrates our ambition to drive results not only through strong organic growth, but also through strategic acquisitions of organisations that fit culturally and make sense financially.”
Lawrie also expressed confidence in the partnership. “Arma is a highly respected and well-established business, and I have been hugely impressed by the team’s entrepreneurial mindset, extensive technical underwriting experience and track record in delivering underwriting returns to capacity partners. I look forward to working closely with them as they embark on the next stage of their journey as part of the Nexus team,” he stated.
Michael Rafter described the agreement as a pivotal moment for Arma. “Joining forces with Nexus is a remarkable opportunity. We have found in them to be a partner who is not only strategically aligned but also shares our cultural values. This partnership positions us perfectly to accelerate our ambitious growth plans in the region,” Rafter said.
The transaction is expected to be finalised in the first quarter of 2025, pending customary closing conditions.
Established in 2008 and headquartered in London, UK, Nexus Underwriting operates as an independent specialty managing general agent (MGA), concentrating on niche insurance classes.
Nexus is a subsidiary of Kentro Capital Limited, a holding company that invests in MGAs globally. Kentro supports its businesses and employs approximately 300 people across nine countries, including the UK, France, Germany, Italy, the Netherlands, the United States, China (Hong Kong SAR), the UAE (Dubai), and Malaysia (Labuan FT). Kentro is part of the Brown & Brown group.
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