Nexus group has announced a new “strategic partnership” with US insurance firm Crum & Forster (C&F).
As part of this transaction, C&F has engaged with Nexus to establish a platform in London that will permit the “continued build-out of its credit and political risk insurance unit to target UK and European-based insureds”, as well as to expand its surety business “to target both reverse-flow opportunities” and also select European surety risks.
The underwriters retained by Nexus will trade under the name “Crum and Forster International”.
As part of its relationship with C&F, Hamilton Insurance DAC (Hamilton), a Dublin-based insurer and reinsurer, will provide the fronting capacity for the business in both the UK and EU, with a coverholder agreement for credit and political risk already carried out.
Nexus has made two new senior appointments to lead this partnership, David Wright who joins as head of International Credit and Political Risk, and Steve Powney joining as the head of International Surety business.
Both men have over two decades experience working in the insurance industry.
Colin Thompson, CEO of Nexus Group, said:“We are delighted to enter into this partnership with C&F, which has become an important capacity supporter to Nexus over recent years, and this deal further cements an increasingly important strategic relationship for the Nexus Group.
“This is a positive growth story amid a difficult economic backdrop. We are pleased to welcome David and Steve to Nexus and look forward to working closely with C&F to grow this proposition.”