Specialty managing general agent Nexus Group has entered into a strategic partnership with Crum & Forster (C&F), a US-based top national property and casualty insurer and subsidiary of Fairfax Financial.
As part of the deal, C&F will work with Nexus to establish a platform in London that will permit the continued build-out of its credit and political risk insurance unit.
The unit will target UK and European-based insureds, as well as to expand its surety business to target both reverse-flow opportunities and select European surety risks.
Underwriters retained by Nexus will trade under the name Crum & Forster International and aspart of its relationship with C&F, Hamilton Insurance will provide the fronting capacity for the business in both the UK and EU. This business will be fully reinsured by C&F.
David Wright joins the partnership as Head of International Credit and Political Risk. He brings over two decades’ experience and most recently served at Ryan Specialty Group.
In his new role Wright will develop and promote the strategic vision for enhancing the credit book internationally, while building strong relationships with prospective business partners to foster growth.
Steve Powney joins the partnership as the Head of International Surety business. Formerly the EMEA Region & Global Surety Product Head at AIG, he brings over 30 years’ surety industry experience.
While his primary focus will be on reverse flow surety opportunities, he also will focus on sustaining key client and broker relationships to continue delivering superior surety services within the UK.
“We are delighted to enter into this partnership with C&F, which has become an important capacity supporter to Nexus over recent years, and this deal further cements an increasingly important strategic relationship for the Nexus Group,” said Colin Thompson, CEO of Nexus Group.
“This is a positive growth story amid a difficult economic backdrop. We are pleased to welcome David and Steve to Nexus and look forward to working closely with C&F to grow this proposition.”
Anthony R. Slimowicz, Esq., COO & Division President at Crum & Forster, added, “The Nexus and Hamilton relationships allow us to expand our portfolio within a well-regarded industry, while providing us with a great opportunity to continue delivering innovative solutions and the highest quality of service to our existing broker partners and clients—and now those in the UK and EU.”
Fiona Marry, CEO, Hamilton Insurance DAC, commented, “As we celebrate one year of our Dublin platform joining Hamilton, and as part of the Company’s continued growth, we are well positioned as a long-term program partner, as evidenced by this compelling new collaboration. We’re pleased to bring these products to market together.”
Source: Reinsurance News
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