Clearwater International advises Nexus Underwriting Management Ltd on raising development capital

Clearwater International has advised specialty Managing General Agent (MGA) Nexus Underwriting Management Ltd (Nexus) on raising growth capital to support further M&A activity.

Founded in October 2008, Nexus is a specialty MGA and “virtual” insurance company, concentrating on niche classes of business such as Trade Credit; Accident and Health; Financial Lines and Travel amongst many others.

Now the largest and most profitable independent specialty MGA in the UK market, the business will deliver £200m (c.€227m) GWP (gross written premium) in 2018, operate in 8 countries and will be supported by over 30 underwriting partners worldwide.

This investment from a new funding partner, along with additional funding from existing shareholder and investor, BP Marsh & Partners Plc, allows Nexus to continue its dynamic growth plan, strengthen its platform and extend its product offering, through strategic acquisitions of profitable, niche businesses.

The Clearwater team was led by Partners, James Barraclough (Financial Services) and Chris Smith (Debt Advisory), with support from Director Helen Lowe and Associate Director Lachlan Dorrity.

“This debt raising provides Nexus with the ability to satisfy our short-term plans of creating a virtual insurance company through a buy-and-build strategy focusing on profitable, niche MGA’s.”

Colin Thompson, Chairman, Nexus

“Nexus is a resilient business that has developed a strong platform. The facility will enable the company to continue with its buy-and-build strategy and broaden its services. We look forward to seeing the continued growth of the company.”

James Barraclough, Partner, Clearwater International