Independent specialty managing general agent Nexus Group has acquired Huntington Underwriting Ltd. (HUL), a structured solutions underwriting manager operating out of Labuan International Business and Financial Centre, Malaysia.
HUL has been in operation since 2014 as an associate of the Singapore-headquartered insurance services group Huntington Group Pte Ltd.
The business will be rebranded and trade as Nexus Structured Solutions following completion. Financial details of the transaction were not disclosed.
HUL is licensed by the Labuan Financial Services Authority and will continue to be run post completion by the company’s founders, Gerard Pennefather and Anthony Egerton.
Structured solutions are bespoke, non-traditional re/insurance programs that manage the volatility in baskets of risks, usually over several years, incorporating aggregate limits of liability and rewarding underwriting profitability. HUL oversees a portfolio of structured solutions business across Asia comprising of a mix of proportional and non-proportional reinsurance.
Pennefather will become chairman of Nexus Structured Solutions, and Egerton will become its managing director. Subject to requisite approvals, Nexus will appoint Colin Thompson, Mike Sibthorpe and Stuart Rouse to the board of HUL.
Pennefather has more than 35 years’ experience in insurance, corporate finance, banking and consultancy. Egerton has over 35 years of experience in re/insurance and structured finance and has been in Asia for the past 20 years, including recently as president, Asia-Pacific for Lloyd’s of London, based in Singapore.
“Following the acquisition of HUL, the Nexus Group now has an Asian presence in Hong Kong and Malaysia,” said Colin Thompson, founder and group CEO of Nexus.
“This strengthens our offering to local brokers and markets as we continue to focus on Asian strategic initiatives, while moving us closer to our ambition of becoming the largest MGA in Asia over the next three years,” he added.
“The acquisition of HUL also brings in a new, growing and highly specialized class of business into the Nexus Group,” Thompson affirmed. “Demand for highly tailored reinsurance solutions is growing internationally, with structured solutions increasingly recognized as effective tools for managing volatility. We are delighted to be adding to our expertise and scope in this dynamic field.”
He said the acquisition marks the Nexus Group’s second acquisition of 2018 and eleventh in total, with further deals in the pipeline.
“We are delighted and proud to be joining the Nexus Group. It has been an exciting four years developing HUL with the excellent support and encouragement of our clients, brokers and reinsurers,” commented Egerton. “We are now looking forward to contributing to Nexus’ development plans here in Asia. This will involve delivering a broader range of products and services to the marketplace, whilst continuing to harness the latest technologies in data analytics and risk modelling.”
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