Nexus Group, an independent specialty managing general agent (MGA), has purchased its rival financial and professional lines MGA Plus Risk (PRL).
The acquired entity, which was established in 2017, offers management liability and niche professional indemnity insurance.
As per terms of the acquisition, Plus Risk founder and managing director James Rasmussen and head of management liability Neil Ede will become shareholders of Nexus.
Both will relocate to the group’s London headquarters.
Nexus will appoint its group CEO Colin Thompson and numerous other directors to the board of Plus Risk.
Rasmussen has more than 19 years of experience in financial and professional lines. He has worked in broking and underwriting roles at Travelers and Chubb.
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Ede has nearly two decades of experience, including seven years at Chubb and ten years at AIG. Currently, he acts as the head of management liability at PRL.
Nexus group CEO Colin Thompson said: “This is a strategic acquisition for Nexus and a natural addition to our existing FinPro capabilities.
“We are acquiring PRL at an exciting stage in its development and will look to accelerate growth through our infrastructure, distribution channels and networks. We are also gaining a high calibre underwriting team and are pleased to welcome James and Neil to the Group.
“This is the second FinPro transaction we have completed so far this year, and we are seeing fantastic results in this class of business, helped by the hardening market conditions.”
Financial terms of the transaction were not disclosed.
Nexus has a workforce of more than 250 employees and has businesses in nine countries such as France, Germany, Italy, the UK, Ireland, The Netherlands, the US, Hong Kong and Malaysia.