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Daily Insurance Industry News
Saturday 20th of October 2018
March 27, 2012

Nexus launches new professional risk arm

by Brian Turner

Story link: Nexus launches new professional risk arm

Nexus Underwriting Management Limited has announced the launch of its new Lloyd’s Managing General Agency, Nexus Professional Risk Ltd (NPR).

The new agency will focus primarily on Professional Indemnity and Management Liability business and is a result of the recent purchase of the Novae Syndicates’ Regional Financial Lines business by Nexus.

NPR’s underwriting capacity will be provided by Novae’s Syndicate 2007 and Sagicor’s Syndicate 1206. The agency will be led by former Novae employees Jonathan Morgan, Lindsay Noble and Joanne Edgley.

In addition, 4 other Novae underwriters and assistants have transferred to NPR and all renewal rights to the existing Novae Regional Financial Lines portfolio have moved to Nexus.

All supporting brokers have been contacted prior to the transfer. The Novae London Market Professional Indemnity account managed by Martin King remains unaffected by this business transfer to Nexus and will continue to be led by Martin. It will also operate without change from Gallery One at Lloyd’s.

Nexus Group CEO, Colin Thompson, commented: “We are delighted to be able to announce the formal launch of Nexus Professional Risks Limited (NPR) following the transfer of business from Novae in October 2011. It has been a busy time for the Nexus Group and the NPR team to integrate the business so that we can provide a seamless transfer of the business and continue the excellent service to our distribution partners who support the NPR platform. 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.”

 

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