Bury solicitors advises on two big acquisitions
PUBLISHED: 13:18 26 September 2018
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Greene & Greene solicitors in Bury Saint Edmunds has advised the London-based specialty managing general agent Nexus Group on its buy up of two companies.
Altitude Risk Partners LLP is a specialist aviation Managing General Agency (“MGA”), founded in 2014, which has underwritten across seven lines of aerospace insurance in more than 130 territories and will become a trading division of Nexus Underwriting Limited. The business will continue to operate as usual with the current Altitude underwriting team joining Nexus into the Group’s London headquarters.
Nexus’ second acquisition, Huntington Underwriting Limited, is a structured solution’s MGA based in Malaysia’s Labuan International Business and Financial Centre. In operation since 2014, Huntington offers tailored, non-traditional (re)insurance programmes that manage the volatility in groups of risks, over several years, incorporating aggregate limits of liability and rewarding underwriting profitability. Huntington will be renamed Nexus Structured Solutions, forming part of the wider Nexus Group.
The Nexus Group is now the largest independent specialty MGA in the London market, handling over US$350m in annual Gross Written Premium and underwriting 15 specialty classes of business. It is forecasted to have EBITDA of £15m and income of £41m in 2018.
The Greene & Greene team was headed up by mergers & acquisition specialists, Simon Ratcliffe, Andrew Cooper and Natalie Stoter.