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Nexus Group has completed its acquisition of Vectura Underwriting – a specialist marine cargo insurer and reinsurer.
Vectura Underwriting was established in June 2007 and is headed by Stephen Fletcher and Tim Hancox. It is a registered Lloyd’s Coverholder and has been acquired from Aquila Underwriting LLP.
“This is the first addition to be incorporated under the Nexus Marine division here in London, and we bought Vectura as a continuation of our plan to acquire profitable, niche portfolios of business with an auditable history of making profit for carriers,” said Colin Thompson, founder and executive chairman of Nexus.
He added: “This acquisition adds a new class of short tail business to our London operations and is run by two high class individuals, while its worldwide geographic focus nicely compliments the marine business currently written in Asia by Nexus.”
In July 2016, Nexus made its first overseas purchase, taking 100% of the shareholding in the Hong Kong domiciled marine managing general agent, Beacon Underwriters Limited.
Nexus’s new marine division in London will specialise in international cargo insurance, domestic transit, freight liability, ATA carnet and customs bonds associated with the transport of goods and dry towage risks.
Stephen Fletcher, divisional managing director at Vectura Underwriting, commented: “Understanding risk exposure to cargo transiting worldwide is fundamental in the global environment where insuring aspects of the global supply chain continues to be much in demand.
“Tim and I have years of proven experience in assisting clients to manage and mitigate these risks, and service and innovation have always been our key drivers as we look to deliver bespoke solutions to brokers and clients for their risk exposures. We are able to provide a full range of associated policies including annual cargo and freight liability, global transit and storage programmes and stock throughput policies.”
Stephen Fletcher joined Aquila Underwriting LLP in 2007 as managing director. Before this he was employed at Allianz Global Corporate and Specialty where he was head of Marine London responsible for all facets of management including results. He began his insurance career in 1967 which has included eight years spent at Assurances Generales de France (AGF) and recently he was elected to the new board of the Institute of London Underwriters (ILU).
Tim Hancox began his insurance career in 1969, also joining Vectura Underwriting as a partner and cargo underwriter in 2007. His career has included stints at Allianz Global Corporate and Specialty, as senior cargo underwriter, and at the CAMAT / AGF operation to deputise on cargo underwriting.
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