Hiscox sells MGA marine business to Nexus

Nexus Group has completed its acquisition of the Hiscox MGA marine business (HMM) from Hiscox MGA.

The acquisition was completed on December 30, 2020, via an asset purchase into Millstream Underwriting, a Nexus Group company which specialises in consumer insurance.

HMM underwrites yachts and the marine trades industry and was originally established in 2012 before being acquired by Hiscox in 2015.

Hiscox continues to provide underwriting capacity for the business alongside other existing markets, led by long-standing supporters Talbot and AXA XL. HMM becomes an integral part of Millstream and the business continues to operate as usual.

HMM is led by Paul Miller who has more than 35 years’ experience in the yacht market, including eight years on the joint hull committee and five years as chairman of the International Union of Marine Insurance inland hull, fishing vessels and yachts committee.

Dan Shacklock, Steven Baker, Charlotte Lovett and Karen Weston have also transferred to Millstream’s London office as part of the acquisition.

Tim Brangwyn, group chief operating officer of Nexus, said HMM fit seamlessly into Millstream, creating a number of complementary growth and cross selling opportunities. “The opportunity to bring in a talented team with an established business and a leading position within its market is everything that we are about,” he added.

Colin Thompson, founder and group chief executive of Nexus, said: “The completion of this deal marks Nexus’ 18th acquisition since its inception and is a fantastic way to close out 2020. As we look to grow from a $500 million GWP MGA today towards a $1 billion GWP MGA in 2023, this is exactly the sort of sizeable specialty business with significant underwriting pedigree that we will be looking to partner with moving forwards.”