Independent specialty Managing General Agent Nexus Group completed its acquisition of the Hiscox MGA Marine business (HMM) from Hiscox MGA Ltd on December 30th 2020.
The transaction was achieved through an asset purchase into Millstream Underwriting Ltd, a Nexus Group company which specialises in consumer insurance.
HMM underwrites yachts and the marine trades industry. The business was originally established in 2012 and was acquired by Hiscox in 2015.
Hiscox will continue to provide underwriting capacity for the business.
HMM will become an integral part of Millstream and the business will continue to operate as usual.
HMM is led by Paul Miller, who has more than 35 years’ experience in the Yacht market including 8 years on the Joint Hull Committee and five years as Chairman of the IUMI IFY Committee.
Dan Shacklock, Steven Baker, Charlotte Lovett and Karen Weston will also transfer to Millstream as part of the acquisition.
The team will move into the Nexus Group’s London headquarters in Leadenhall Street.
Tim Brangwyn, Group COO of Nexus, said that the business would fit “seamlessly” into Millstream, where there would be “a number of complementary growth and cross selling opportunities to explore.”
Paul Miller, Director of Marine Underwriting, Hiscox MGA Marine, said that “as a team, we have enjoyed some great successes during our five years at Hiscox, and we are looking forward to creating more opportunities as part of Nexus.”