UK based Nexus Underwriting Management has launched the new Lloyd’s Managing General Agency, Nexus Professional Risk (NPR).

The new unit, which resulted from Nexus’ acquisition of the Novae Syndicates’ Regional Financial Lines business, will concentrate mainly on professional indemnity and management liability business.

Nexus Group CEO Colin Thompson said the formal launch of Nexus Professional Risks Limited (NPR) follows the transfer of business from Novae in October 2011.

"The realisation of this business transfer and launch of NPR means that the Nexus Group’s product mix, profitability and distribution model has been vastly enhanced," Thompson said.

Novae’s Syndicate 2007 and Sagicor’s Syndicate 1206 are responsible for the provision of underwriting capacity to NPR, which will be led by former Novae employees Jonathan Morgan, Lindsay Noble and Joanne Edgley.

Following the launch of agency, all renewal rights to the current Novae Regional Financial Lines portfolio have transferred to Nexus.

The new agency will not affect the Novae London Market Professional Indemnity account managed by Martin King and will operate from Gallery One at Lloyd’s.