Today, Nexus Underwriting announced that it has completed the acquisition of a majority stake in Spectrum Risk Management, a specialized MGA with a base in Dubai that specializes in marine and property insurance and reinsurance.
This marks another key milestone in the Group’s international expansion, adding additional regions to its operations and widening the product offering into other classes of business. It is also the 16th acquisition for Nexus since its inception in 2008 – and the 26th acquisition for Kentro Capital.
Michael Darby, who heads up Spectrum and has over 40 years of experience in the (re)insurance sector, is in charge of the Marine offering. Andrew Crampton, who has over 25 years of underwriting expertise in the sector and has held top positions with Swiss Re and Lloyd’s syndicates in the past, is the property portfolio’s leader.
Following the purchase, the Spectrum Management team will carry on as usual with a continuing minority ownership interest in the company. After the transaction, Spectrum will change its name to Nexus.
“The completion of this acquisition celebrates not only Nexus’ 16th MGA acquisition, but a landmark acquisition whereby our partnership with Spectrum expands our geographical footprint to Dubai,” said Colin Thompson, CEO of Kentro Capital and CEO of Nexus Underwriting. Additionally, as part of this transaction, we will be acquiring a similarly minded entrepreneurial company with a solid commitment to underwriting profitability.
We are happy to have Michael, Andrew, and the rest of the group join us. We see a clear possibility to develop a Nexus Dubai company that underwrites more than USD $50 million in gross written premium over the next three years because of the teams’ experience and our institutional infrastructure.
Spectrum’s founder and managing director, Michael Darby, said:
“Everyone at Spectrum Risk Management is thrilled to have the chance to work with Nexus Underwriting, a highly successful and reputable business. We think their proven portfolio pairs wonderfully with our product lines and market presence in the MENA and Asia Pacific. Going forward, the basic principles of Spectrum’s underwriting approach, technological know-how, and connections to our capacity providers and markets will not change. In addition, as we move into the next exciting stage of Spectrum’s development, our esteemed customers and partners will have access to the Nexus platform and its clear advantages.