Nexus Group has acquired Plus Risk, a financial and professional fine managing general agent, providing management liability and niche professional indemnity insurance.
Nexus will appoint Colin Thompson, its founder and group CEO, and several other directors to the board of Plus Risk.
The Plus Risk underwriting team is comprised of James Rasmussen and Neil Ede, who will both continue with the business post-acquisition, becoming shareholders in Nexus and moving into the group’s London headquarters.
James Rasmussen, Plus Risk founder and managing director, has over 19 years’ financial and professional experience including broking and underwriting roles at companies such as Travelers and Chubb.
Neil Ede has twenty years’ of experience, including 7 years at Chubb and ten years at AIG. He now holds the role of head of management liability at Plus Risk.
Thompson said: “This is a strategic acquisition for Nexus and a natural addition to our existing FinPro capabilities.”
“We are acquiring Plus Risk at an exciting stage in its development and will look to accelerate growth through our infrastructure, distribution channels and networks.”
He continued: “We are also gaining a high calibre underwriting team and are pleased to welcome James Rasmussen and Neil Ede to the group. This is the second financial and professional transaction we have completed so far this year and we are seeing fantastic results in this class of business, helped by the hardening market conditions.”
He added: “We continue to manage a busy pipeline of managing general agent opportunities internationally and are looking to further strengthen and diversify our business.”
James Rasmussen, founder and managing director of Plus Risk, said: “Neil Ede and I are absolutely delighted to be joining the Nexus family and to be working with Thompson and the team.”
“It has been a very exciting two years in which we have launched and established Plus Risk and the acquisition will provide the perfect platform for Plus Risk to evolve and flourish.”
He added: “It’s a great time to be involved in financial and professional and with the group being such a successful, independent and international specialty managing general agent, we are confident that we will be able to extend our underwriting reach and use our joint experience to even better effect.”
