Nexus Buys Specialist Financial and Professional Lines MGA, Plus Risk Ltd.

Independent specialty managing general agent Nexus Group has acquired Plus Risk Ltd. (PRL), a London-based financial and professional lines MGA, providing management liability and niche professional indemnity insurance.

Founded in 2017, PRL’s underwriting team is comprised of James Rasmussen and Neil Ede, who will both continue with the business post-acquisition, becoming shareholders in Nexus and moving into the group’s London headquarters. Nexus will appoint Group CEO Colin Thompson and a number of other directors to the board of PRL.

Financial details of the transaction were not disclosed.

James Rasmussen, PRL founder and managing director, has over 19 years’ experience in financial and professional (FinPro) lines, including broking and underwriting roles at companies such as Travelers and Chubb. Neil Ede has 20 years’ experience including 7 years at Chubb and 10 years at AIG. He now holds the role of head of Management Liability at PRL.

“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,” said Colin Thompson, group CEO of Nexus, which he founded in 2008.

“We are also gaining a high caliber underwriting team and are pleased to welcome James and Neil to the Group,” he added.

“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,” Thompson noted. “We continue to manage a busy pipeline of MGA opportunities internationally and are looking to further strengthen and diversify our business.”

“Neil and I are absolutely delighted to be joining the Nexus family and to be working with Colin and the team,” said James Rasmussen, founder and managing director of PRL. “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.”

About Nexus Group

Nexus employs over 250 staff and is represented in nine countries: UK, Ireland, France, Germany, Italy, The Netherlands, the U.S., Hong Kong and Malaysia.

Topics Mergers & Acquisitions Insurance Wholesale Human Resources Professional Liability