Perceptive Underwriting

06 September 2018

Nexus acquires Structured Solutions Specialist Huntington Underwriting

PRESS RELEASE: Leading independent specialty Managing General Agent Nexus Group today announces that it has completed the acquisition of Huntington Underwriting Limited (“HUL”).

In operation since 2014 as an associate of the Singapore headquartered insurance services group Huntington Group Pte Ltd, HUL is a Structured Solutions Underwriting Manager operating out of Labuan International Business and Financial Centre, Malaysia. HUL is licensed by the Labuan Financial Services Authority and will continue to be run post completion by the Company’s founders, Gerard Pennefather and Anthony Egerton.

Structured Solutions are bespoke, non-traditional (re)insurance programmes that manage the volatility in ‘baskets’ of risks, usually over several years, incorporating aggregate limits of liability and rewarding underwriting profitability. HUL oversees a portfolio of Structured Solutions business across Asia comprising of a mix of proportional and non-proportional reinsurance.

The business will be rebranded and trade as Nexus Structured Solutions following completion. Gerard Pennefather will become Chairman, Nexus Structured Solutions and Anthony Egerton will become Managing Director, Nexus Structured Solutions. Subject to requisite approvals, Nexus will appoint Colin Thompson, Mike Sibthorpe and Stuart Rouse to the Board of HUL.  

Anthony Egerton has over 35years of experience in (re)insurance and structured finance and has been in Asia for the past 20years, including recently as President, Asia-Pacific for Lloyd’s of London, based in Singapore. 

Gerard Pennefather’s background is in insurance, corporate finance, banking and consultancy, in which fields he has over 35 years’ experience.

Colin Thompson, Founder and Group CEO of Nexus, said:

“Following the acquisition of HUL, the Nexus Group now has an Asian presence in Hong Kongand Malaysia. This strengthens our offering to local brokers and markets as we continue to focus on Asian strategic initiatives, while moving us closer to our ambition of becoming the largest MGA in Asia over the next three years. 

Gerard and Anthony are highly credible, well known and respected individuals within the Asian market. With many years of experience between them, they will act as excellent ambassadors for expanding our footprint in Asia. 

The acquisition of HUL also brings in a new, growing and highly specialised class of business into the Nexus Group. Demand for highly tailored reinsurance solutions is growing internationally, with structured solutions increasingly recognised as effective tools for managing volatility. We are delighted to be adding to our expertise and scope in this dynamic field.

This acquisition marks the Nexus Group’s second acquisition of 2018 and eleventh in total, with further deals in the pipeline.” 

Anthony Egerton, Principal Officer HUL, commented:

“We are delighted and proud to be joining the Nexus Group. It has been an exciting four years developing HUL with the excellent support and encouragement of our Clients, Brokers and Reinsurers.  We are now looking forward to contributing to Nexus’ development plans here in Asia. This will involve delivering a broader range of products and services to the marketplace, whilst continuing to harness the latest technologies in data analytics and risk modelling.” 

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