B.P. Marsh & Partners Plc the niche venture capital provider to early stage financial services businesses, is pleased to note that its investee company Nexus Underwriting Management Limited (“Nexus”), in which it holds an 18.6% shareholding, has announced that it has completed the acquisition of Vectura Underwriting (“Vectura”), a Lloyd’s Coverholder and Marine Cargo specialist, from Aquila Underwriting, part of Hawkes Bay Holdings Limited, which also owns the Lloyd’s Insurance Broker Tyser & Co Limited.
Vectura was established in 2007 and is a Managing General Agency offering clients a wide range of insurance products in the Marine Cargo space, and in particular International Cargo and Freight Liability Insurance.
As part of this transaction, Vectura’s two founding partners, Stephen Fletcher and Tim Hancox, have joined Nexus.
Stephen Fletcher began his insurance career in 1967, including roles at Allianz Global Corporate & Specialty as head of marine, London, and at Assurances Générales de France. Additionally, he has recently been appointed to the Board of the Institute of London Underwriters.
Tim Hancox began his insurance career in 1969, including roles as a senior cargo underwriter at Allianz Global Corporate & Specialty and Assurances Générales de France.
Now that the acquisition of Vectura has been completed, Nexus underwrites a number of specialty products on behalf of underwriting partners that support its product offerings within the following lines of business: financial lines, trade credit, accident & health, surety, travel, property, latent defect, marine and cyber. In 2017 Nexus are forecasting Gross Written Premium Income of £125m and EBITDA of £7.3m, a 40% EBITDA increase over prior year. This growth will be generated from organic growth within the business, without reference to M&A activity such as this.
Nexus’ Chairman Colin Thompson stated; “The acquisition of Vectura is the first addition to be incorporated under Nexus’ marine division in London, and adds a new class of short tail business to our London operations. Additionally, Vectura’s worldwide geographic focus complements the marine business currently written in Asia by Nexus”.
Daniel Topping, B.P. Marsh’s Chief Investment Officer and the Company’s nominee director on the Board of Nexus commented “These remain exciting times at Nexus and B.P Marsh is delighted to be part of their success going forward. This transaction demonstrates further progress in Nexus’ growth aspirations which we only see gaining further momentum”.
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