Nexus acquires marine business from Hiscox MGA

Independent specialty managing general agent Nexus has announced it has completed the acquisition of the Hiscox MGA Marine business (HMM) from Hiscox MGA for an undisclosed sum.

The expert team in HMM underwrites yachts and the marine trades industry. The business was originally established in 2012 and acquired by Hiscox in 2015.

Nexus said Hiscox will continue to provide underwriting capacity for the business alongside other existing markets, led by long-standing supporters Talbot and AXA XL. 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 eight 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: “Following the very successful acquisition of Hiscox Global Flying in December 2018, it’s been a pleasure to work again with Hiscox. The opportunity to bring in a talented team with an established business and a leading position within its market is everything that we are about. 

“I look forward to working with the team to further develop the business, whilst maintaining a strong focus on continuing its impressive track record of producing profitable underwriting results for our capacity partners. The business will fit seamlessly into Millstream where there will be a number of complementary growth and cross selling opportunities to explore.”

Paul Miller, director of Marine Underwriting, Hiscox MGA Marine, added: “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.”

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