Allianz Global Corporate & Specialty (AGCS) and Nexus Group have entered into a four-year multi-product strategic underwriting and claims delegated authority agreement for small and medium-sized enterprises (SMEs) customers.
Nexus Group, an independent, specialty managing general agent (MGA) group, will underwrite and handle claims for primary and excess business on behalf of AGCS, Allianz’s entity for large- scale corporate and specialty risks.
The agreement has a gross written premium capacity of £50 million in the first year and covers multiple financial lines products including, professional indemnity (PI), directors and officers liability (D&O), crime and pension trustee liability, for customers operating in the financial services and commercial industries.
Commenting on the agreement, Andre Ford, group chief underwriting officer of Nexus, explains: “The agreement includes commercial PI — an area where market capacity has been restricted, but where we see opportunities for certain professions and financial institutions and where we specialise in multi-product solutions for our target customer groups.”
He adds: “As a multi-year, multi-product deal, this is a strong indication of the trust placed in our expertise and insight as a leading virtual insurer in the MGA space. We are also delighted to be handling and settling claims for all lines under this transaction - demonstrating Allianz’s confidence in Nexus’ claims service.”
Stefania Davi-Greer, head of financial lines, regional unit London for AGCS, states: “Financial lines is a key strategic area for AGCS and this transaction demonstrates our continued commitment to providing market-leading solutions for customers in this important area of risk.”
She adds: “This deal will further strengthen our diversified and sustainable financial lines book, consolidating our expertise with a wider customer base.”
In January, AGCS appointed Hannah Tindal, Martin Stewart, James McGuire and Michela Moro to its financial lines business in the company’s regional unit London and Nordics team.
