London market managing general agent Nexus Group has secured capacity from Brit Syndicates to write professional liability business in the US on an E&S basis, The Insurer can reveal.
Nexus announced on Monday morning that it had added to its existing financial lines platform in the US with a new E&S market offering.
As the MGA explained, it had secured unnamed A-rated capacity to back the new offering. Sources told this publication that Brit Syndicates is the carrier providing that new capacity for the E&S venture.
In a statement to announce the E&S move, Adam Kembrooke, the CEO and president of Nexus Group US, said the MGA has a broad appetite for both private and not-for-profit businesses that generate revenues up to $250mn.
The new E&S offering can provide coverage limits of up to $5mn and that will be on offer to insureds throughout all 50 states.
Bruce Simmons, vice president of professional lines at Nexus Specialty, said: “We are delighted to now be able to offer our clients both an admitted and surplus lines solution for their professional insurance needs.
“We truly offer a complete solution for all small to mid-sized businesses with excellent broad coverage policy wordings, cost effective solutions and excellent service standards that are a Nexus trademark,” Simmons added.
Nexus has been offering financial lines coverage on an admitted basis in the US since February, with capacity for that provided by Professional Solutions Insurance Company (PSIC).
Iowa-based PSIC, which is A-rated by AM Best, is part of a family of companies owned by NCMIC that write professional liability.
As this publication reported earlier this year, that new financial lines division will be led by Stacy Paquet, who was previously president of management liability at OneBeacon Insurance from 2016 to the start of 2019. Paquet was at OneBeacon for 10 years and has also held roles at AIG and CNA.
The underwriting and claims functions for the new division will be operated from an office in the Chicago area.
The new E&S professional liability launch comes almost a year after Nexus Group rebranded its US operation from Equinox Global to Nexus Specialty. That renaming, which was announced in November 2019, formed part of the company’s bid to ramp up its ambitions in the North American specialty markets and add new product lines.
Nexus first began operating in the US in 2017 when it acquired Equinox Global Inc and Zon Re, now known as Nexus Re.