30 April 2021Nexus and Allianz Global Corporate & Specialty Sign Four-Year Financial Lines Deal
PRESS RELEASE: Allianz Global Corporate & Specialty (AGCS) and Nexus Group announced today a four year multi-product strategic underwriting and claims delegated authority agreement with immediate effect, specifically for small and medium-sized enterprises (SMEs) customers.
Leading independent specialty Managing General Agent, Nexus Group, will underwrite and handle claims for primary and excess business on behalf of AGCS, Allianz’s entity for large-scale corporate and specialty risks.
The agreement has a Gross Written Premium capacity of £50 million in the first year and covers multiple Financial Lines products – including Professional Indemnity (PI), Directors and Officers Liability, Crime and Pension Trustee Liability – for customers operating in the Financial Services and Commercial industries.
André Ford, Group Chief Underwriting Officer of Nexus, said:
“This strategic agreement with AGCS builds on our history at Nexus of successful long-term relationships in the market. Covering multiple core Financial Lines products, AGCS are not just providing capacity, but working alongside us to deliver sustainable solutions for our customers. The agreement includes commercial PI - an area where market capacity has been restricted, but where we see opportunities for certain professions and financial institutions – and where we specialise in multi-product solutions for our target customer groups.
“We have to be responsive to our brokers and clients and expertly balance this with underwriting quality and control in order to remain successful. I see the agreement arrangement with AGCS being a long-term value-creating proposition. As a multi-year, multi-product deal, this is a strong indication of the trust placed in our expertise and insight as a leading virtual insurer in the MGA space. We are also delighted to be handling and settling claims for all lines under this transaction - demonstrating Allianz’s confidence in Nexus’ Claims service. I am looking forward to working with the excellent team at AGCS and focusing our efforts on providing the highest quality products and service that support clients in a changing global market.”
Stefania Davi-Greer, Head of Financial Lines, Regional Unit London for AGCS, said:
“We are delighted to have entered into this important agreement with Nexus Group, introduced to us by the Programmes Team at Lloyd & Partners. Financial Lines is a key strategic area for AGCS and this transaction demonstrates our continued commitment to providing market-leading solutions for customers in this important area of risk. This deal will further strengthen our diversified and sustainable Financial Lines book, consolidating our expertise with a wider customer base.
“Nexus have an excellent track record partnering with the global insurance market’s specialist practitioners. The Financial Lines Underwriting team at AGCS, and I personally, very much look forward to working with the Nexus colleagues on this long-term, strategic collaboration.”