24th Feb 2020 11:39
(Alliance News) - BP Marsh & Partners PLC said Monday its investee Nexus Underwriting Management Ltd has started a new Financial Lines business at its Chicago office.
BP Marsh holds an 18% interest in Nexus.
The new lines will be offered by a newly formed business, Nexus Specialty Inc, which has been rated A by Profession Solutions Insurance Co.
BP March Chief Investment Officer Dan Topping said: "BP Marsh is pleased to announce that Nexus has further expanded its Financial Lines product offering with this addition in North America, further emphasising Nexus as a global specialty lines managing general agent."
The new business will be run by Stacy Paquet, who has over 15 years experience in the insurance market and was previously president of Management Liability at OneBeacon Insurance Group in Chicago.
Nexus Chief Executive & President Adam Kembrooke added: "We have ambitious plans to grow in the specialty insurance market in the US and are committed to replicating the success Nexus has already had in the UK and Europe. As a group, we were founded as a Financial Lines MGA and already have a tremendous reputation and track record in this sector."
Shares in BP Marsh & Partners were trading 1.1% lower in London in midday trading at 262.00 pence each.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
B.p Marsh