Intelligent Insurer Interview with Founder and Executive Chairman of Nexus:
ON A STEEP GROWTH TRAJECTORY
Since its formation in 2008, Nexus Group has enjoyed rapid growth through both acquisitions and organic growth into more speciality lines. Here Colin Thompson, founder and executive chairman of Nexus, discusses with Intelligent Insurer why this is a good time to be running and growing an MGA and the nuances of the business across different markets.
Why is now a good time to be running an MGA? In the absence of regulatory restrictions and capital requirements that hinder the traditional underwriter, a managing general agent (MGA) is able to be more entrepreneurial, opportunistic and flexible, putting it in an advantageous position when one considers the economic and political outlook for 2017 and beyond.
Any MGA that is able to underwrite a profitable book of business and deliver low combined ratios to risk carriers it serves will be successful. There is an ideal model to achieve this, one that melds together underwriting expertise, distribution capability and an efficient, well run operation.
Compared with the traditional underwriter, the MGA’s general attributes and low cost basis enables it to be more adaptable to negative developments and offer innovative solutions while seizing opportunities as they arise. This can already be seen through regular influxes of new MGAs arriving on the scene, increased MGA merger and acquisition activity, innovative products and new distribution channels. It’s an exciting time for anyone involved in the MGA space.
Read the full article here.
Nexus CIFS Ltd:
2016 - Finalist of the Institute of Credit Management, British Credit Awards
2015 - Winner of the Institute of Credit Management, British Credit Awards
2014 - Finalist of the Institute of Credit Management, British Credit Awards
2013 - Winner of the Institute of Credit Management, British Credit Awards
Nexus Underwriting Management Limited:
2014 - Finalist for Underwriting Agency, British Insurance Awards
2013 - Finalist for Underwriting Agency, British Insurance Awards
2014 - Leading Advisor - Acquisition International
2014 - Finalist for MGA of the Year, Insurance Times Awards
2013 - Finalist for MGA of the Year, Insurance Times Awards
2014 - NUML shortlisted for Placement of the Year
2013 - NUML shortlisted for London Market Awards
2013 - Finalist for Insurance Insider Broker M&A Deal of Year for Nexus Group acquisition of Credit Indemnity & Financial Services (CIFS)