Nexus acquires Beacon MGA - FREE

Nexus acquires Beacon MGA - FREE

Nexus Underwriting Management has acquired 100% of Beacon Underwriters, a marine managing general agent (MGA), for an undisclosed amount.

This is London-based Nexus’ first overseas acquisition and the third one within the last 12 months.

Beacon was established in 2009 as a Lloyd’s coverholder to write marine cargo, hull and machinery and ports and terminals business for Asian and Middle Eastern markets.

Beacon’s managing director, Ravi Shroff, has over 30 years’ experience as an insurance underwriter and has been underwriting in Hong Kong since 1987.
 
The acquisition of Beacon augments Nexus’ footprint in Asia, subsequent to the opening of Nexus Underwriting Asia in Hong Kong in 2015.

This is Nexus’ first move into marine business as it looks to diversity its portfolio.

Shroff will remain Beacon’s managing director and will report into Jeremy Austen, principle officer of Nexus Underwriting Asia (HK).

Beacon will trade for the near future  from its current offices at the Jubilee Centre, in Wanchai.

Shroff will be supported by Beacon employees Eric Cheng as marine underwriter and Louisa To as accounts assistant.
 
Colin Thompson, Nexus executive chairman, said: “We are delighted to welcome Ravi and his team to the Nexus family. Beacon has a proven track record of profitable underwriting and we are excited at the prospect of continuing to build on this success.”
 
Shroff said: "I am delighted for Beacon to become part of such a well-established, diverse and profitable global MGA. Being part of Nexus will enable us to access further distribution channels and present us with new opportunities, which we are most excited about."

Jeremy Austen, principle officer of Nexus Underwriting Asia (HK), said: “Ravi is a well-respected marine underwriter and local Insurance practitioner here in Hong Kong. We look forward to adding marine hull, cargo, yachts and liabilities to our growing speciality products in Asia, whilst welcoming Ravi and his colleagues on-board.”

The Nexus Group has forecast gross written premium of more than $175m for 2016 and currently trades from London, France, Italy and Hong Kong.

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