Specialty managing general agent (MGA) Nexus Group has completed its acquisition of Huntington Underwriting Limited (HUL), a structured solutions underwriting manager and associate of the Singapore headquartered services group Huntington Group.
Since 2014, HUL has operated out of Labuan International Business and Financial Centre, Malaysia, and is licensed by the Labuan Financial Services Authority.
It currently oversees a portfolio of structured solutions business spanning Asia that comprises a mix of both proportional and non-proportional reinsurance.
Following the acquisition, the business will be rebranded and trade as Nexus Structured Solutions, although it will continue to be run by HUL’s founders, Gerard Pennefather and Anthony Egerton, who will become chairman and managing director of Nexus Structured Solutions, respectively.
Egerton has over 35 years of experience in re/insurance and structured finance, 20 of which have been spent in Asia, and has previously served as president, Asia-Pacific for Lloyd’s of London, based in Singapore.
Pennefathe also boasts 35 years of experience in fields such as insurance, corporate finance, banking and consultancy.
Nexus added that its founder and group CEO, Colin Thompson, head of insurance and reinsurance, Mike Sibthorpe, and group CFO and COO, Stuart Rouse, will also be appointed to the Board of HUL, subject to requisite approvals.
Thompson commented: “Following the acquisition of HUL, the Nexus Group now has an Asian presence in Hong Kong and Malaysia. 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.
“Gerard and Anthony are highly credible, well known and respected individuals within the Asian market. With many years of experience between them, they will act as excellent ambassadors for expanding our footprint in Asia.”
He continued: “The acquisition of HUL also brings in a new, growing and highly specialised class of business into the Nexus Group. Demand for highly tailored reinsurance solutions is growing internationally, with structured solutions increasingly recognised as effective tools for managing volatility.
“We are delighted to be adding to our expertise and scope in this dynamic field. This acquisition marks the Nexus Group’s second acquisition of 2018 and eleventh in total, with further deals in the pipeline.”
Egerton also stated: “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.
“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.”