Perceptive Underwriting

Chairman’s Statement for 2015

I am pleased to report another strong set of financial results for the Nexus Group for the year ended 31st December 2014.

The Group underwrites a variety of products on behalf of certain capacity providers.  Products include Professional Indemnity, Financial Institutions, Directors and Officers Liability, Wholeturnover Trade Credit, Accident and Health and Single Situation Trade Credit.

The combined results for the group can be summarised as follows:

Year ended 31 December 2014 2013 2012
  £’000 £’000 £’000
       
Gross Written Premium (GWP) 56,020 55,136 41,268
Turnover 12,375 10,637 7,289
Earnings before interest, tax, depreciation and amortisation (EBITDA) 2,625 2,210 1,920

The Nexus Group has achieved the following during the year:

  • Underwriting income has increased 16% to £12.4m
  • EBITDA has increased 19% to £2.6m
  • Successful launch of a new Accident and Health division which contributed £1.8m of GWP to the Group
  • Successful launch of a new Single Situation Trade Credit Division which contributed £3.4m of GWP to the Group
  • B. P. Marsh & Partners PLC acquired 5% of Nexus Underwriting Management Limited for £1.55m, therefore providing a valuation to the Group of £31m
  • Transferred the underwriting operations of its non Trade Credit divisions into Nexus Underwriting Limited

Despite a competitive trading environment and a soft underwriting market our employees have continued to perform well, which is evidenced by the company’s strong trading and underwriting results.

On behalf of the Board, I thank them for all their hard work, dedication and contribution to another excellent year for the Group.  The quality of our people and their commitment to our underwriting partners, the excellence of our products and our proven strategy mean that we can be confident that the Group will continue to deliver sustainable value in the years to come.

The directors look forward to the future with confidence and believe that 2015 will be another successful year in the Group’s continuing development.


Colin Thompson
Group Executive Chairman


GENERAL ENQUIRIES

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52 - 56 Leadenhall Street
London EC3A 2EB

T: +44 (0)20 3011 5700

W: www.nexusunderwriting.com

E: info@nexusunderwriting.com



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