Nexus Completes Acquisition of Hiscox MGA Marine Business

Independent specialty managing general agent (MGA) Nexus Group announced it completed the acquisition of the Hiscox MGA Marine business (HMM) from Hiscox MGA Ltd.

Completed on Dec. 30, 2020 via an asset purchase into Millstream Underwriting Ltd., a Nexus Group company which specializes in consumer insurance.

The team in HMM underwrites yachts and the marine trades industry. The business was originally established in 2012 and acquired by Hiscox in 2015.

Financial details of the acquisition were not disclosed.

Hiscox will continue to provide underwriting capacity for the business alongside other existing markets, led by long-standing supporters Talbot and AXA XL. HMM will become an integral part of Millstream and the business will continue to operate as usual.

HMM is led by Paul Miller who has more than 35 years’ experience in the yacht market, including eight years on the Joint Hull Committee and five years as chairman of the Inland Hull, Fishing vessels and Yachts Committee (IFY), which sits within the International Union of Marine Insurance (IUMI).

Dan Shacklock, Steven Baker, Charlotte Lovett and Karen Weston will also transfer to Millstream as part of the acquisition, which brings continuity and expertise in this specialist class of business. The team will move into the Nexus Group’s London headquarters in Leadenhall Street.

“Following the very successful acquisition of Hiscox Global Flying in December 2018, it’s been a pleasure to work again with Hiscox. The opportunity to bring in a talented team with an established business and a leading position within its market is everything that we are about,” commented Tim Brangwyn, group COO of Nexus.

“The business will fit seamlessly into Millstream where there will be a number of complementary growth and cross selling opportunities to explore,” he added.

“The completion of this deal marks Nexus’ 18^th acquisition since its inception and is a fantastic way to close out 2020,” said Colin Thompson, founder and group CEO of Nexus. “As we look to grow from a $500 million GWP MGA today towards a $1 billion GWP MGA in 2023, this is exactly the sort of sizeable specialty business with significant underwriting pedigree that we will be looking to partner with moving forwards.”

Paul Miller, director of Marine Underwriting, Hiscox MGA Marine, commented:

“As a team, we have enjoyed some great successes during our five years at Hiscox, and we are looking forward to creating more opportunities as part of Nexus.”

Source: Nexus