Nexus Group, the independent specialty managing general agent (MGA), has acquired Plus Risk, a London-based financial and professional lines (finpro) MGA providing management liability and niche professional indemnity insurance.
The Plus Risk underwriting team is comprised of James Rasmussen, founder and managing director, and Neil Ede, head of management liability. Both become shareholders in Nexus, moving into its London headquarters.
Nexus CEO Colin Thompson and a number of other directors will join the Plus Risk board of directors.
Thompson called the deal “a natural addition to our existing finpro capabilities,” noting the “high calibre underwriting team” that join Nexus as a result.
“We are seeing fantastic results in this class of business, helped by the hardening market conditions. We continue to manage a busy pipeline of MGA opportunities internationally and are looking to further strengthen and diversify our business,” he added.
Rasmussen said: “It has been a very exciting two years in which we have launched and established Plus Risk and the acquisition will provide the perfect platform for Plus Risk to evolve and flourish.”
This is Nexus’ second finpro acquisition in 2019. In April it acquired Capital Risks MGA, a London-based warranty and indemnity MGA launched by Nathan Sewell and Jason Edwards to provide transaction liability insurance for small and medium sized deals.
Nexus Group, Plus Risk, James Rasmussen, Neil Ede, Colin Thompson