London-based managing general agent Nexus Group has acquired Huntington Underwriting (HUL) from Huntington Group, for an undisclosed amount.
Image: Nexus Group acquires Huntington Underwriting. Photo: Courtesy of adamr/FreeDigitalPhotos.net.
Huntington Underwriting, an associate of Huntington Group, is a structured solutions underwriting manager, operating in Labuan International Business and Financial Centre, Malaysia.
HUL is licensed by the Labuan Financial Services Authority and will continue to be run by its founders, Gerard Pennefather and Anthony Egerton.
HUL will be rebranded as Nexus Structured Solutions after the acquisition. Gerard Pennefather will be appointed as Nexus Structured Solutions chairman and Anthony Egerton will be appointed as the new company’s managing director. Nexus plans to appoint Colin Thompson, Mike Sibthorpe and Stuart Rouse to the Board of HUL.
Structured Solutions are unique, non-traditional (re)insurance programme that can manage the volatility in ‘baskets’ of risks, mostly over many years, incorporate aggregate limits of liability and rewarding underwriting profitability.
HUL oversees a portfolio of structured solutions business across Asia which includes a mix of proportional and non-proportional reinsurance.
Nexus founder and group CEO Colin Thompson said: “Following the acquisition of HUL, the Nexus Group now has an Asian presence in Hong Kong and Malaysia. This strengthens our offering to local brokers and markets as we continue to focus on Asian strategic initiatives, while moving us closer to our ambition of becoming the largest MGA in Asia over the next three years.
“Gerard and Anthony are highly credible, well known and respected individuals within the Asian market. With many years of experience between them, they will act as excellent ambassadors for expanding our footprint in Asia.”
As per Nexus, the addition of Huntington Underwriting brings new, growing and highly specialised class of business to the company. The demand for highly tailored reinsurance solutions is growing internationally and for managing volatility, structured solutions is being increasingly recognised as an effective tool.
HUL is Nexus’ second acquisition this year and is the eleventh in total, with further deals in the pipeline.
HUL principal officer Anthony Egerton said: “We are delighted and proud to be joining the Nexus Group. It has been an exciting four years developing HUL with the excellent support and encouragement of our Clients, Brokers and Reinsurers.
“We are now looking forward to contributing to Nexus’ development plans here in Asia. This will involve delivering a broader range of products and services to the marketplace, whilst continuing to harness the latest technologies in data analytics and risk modelling.”