Nexus reshuffles management as it prepares to spin off brokerage unit
Nexus Group, the independent specialty managing general agent, has reorganised its management team following the recent launch of Xenia Broking Group, as it looks to establish the brokerage unit as a separate business.
Tim Coles steps down as chief operating officer (COO) of Nexus to lead the separation process as chief executive of Xenia Broking Group.
Tim Brangwyn replaces Coles as COO, having previously been managing director of Millstream Underwriting. Rob Amati becomes managing director of Millstream, stepping up from his former role as co-director of the business.
Colin Thompson, group chief executive officer of Nexus, said: “We launched Xenia Broking Group Limited in March 2019 when Tim Coles became its CEO in addition to his role as Nexus Group COO. It is with great credit to his leadership that we were able to announce last month the integration and launch of Xenia. This was an important step in Xenia’s development and enables us now to pursue our strategy of separation of the broking group as we believe it will develop faster as an independent entity.”
Coles said: “We are very clear that our primary objective in Xenia to become the world’s leading trade credit and surety broker is eminently achievable. We have the experience, employee talent and specialisation needed to achieve that aim. We see the process for establishment of Xenia as an independent business as a hugely exciting opportunity for all in Xenia and for all those that we hope will join us.”
Brangwyn added: “The difficult times we’re all facing bring fresh opportunities and Nexus is ideally positioned to evolve and take full advantage of them.”