Equinox Global Ltd, a registered and approved Lloyd's Coverholder, and all other Equinox group companies, was recently acquired as well.
Established in 2009, Equinox is a fastgrowing specialist Trade Credit MGA, which will continue to be supported post acquisition by its founding shareholders and management team. With offices in London, New York, Paris, Hamburg and Amsterdam, Equinox will continue to be provided with underwriting capacity by Beazley, previously its largest shareholder, through a 10-year underwriting support agreement.
Colin Thompson commented at the time: “Beazley offering a 10-year capacity commitment speaks volumes about the quality of both Equinox’s underwriting and management. We are excited about working together with Mike Holley and his team to build a global market leading trade credit offering which, when combined with our current trade credit MGA Nexus CIFS, will be a £60m GWP business underwriting profitable global specialist trade credit insurance.”
He added: “Importantly, Equinox and Nexus CIFS’ books of business are complementary, with very little overlap, both in terms of line sizes and geographical focus, resulting in significant opportunities to expand globally by harnessing the joint distribution channels following the transaction.”
Mike Holley, Chief Executive Officer, Equinox Global, commented:
“We are delighted to be joining the Nexus Group for the next stage in the Equinox journey. I have been really impressed at Nexus’ commitment to the trade credit class, and this acquisition will enable Equinox to accelerate its growth and product offering in all countries where we are present. There is a significant opportunity to take advantage of Nexus CIFS' product offerings, feeding these through and leveraging the significant investments Equinox has made in its international office network and infrastructure.
Equinox specialises in writing trade credit insurance for larger corporates and multinational companies. The product offering includes non-cancellable credit limits; syndication with other credit insurers, and a top quality credit limit service delivered by its state of the art online portal Equinox Approach.”
Mike Holley is well-known in the credit insurance industry, having worked in the sector since 1983. He has held various credit insurance positions and for many years he has led profitable business units in the sector at director level. He has often been associated with new developments in the industry, and is a leading commentator in the media, at conferences and other events.