Nexus takes on Novae's regional financial lines business
Nexus Underwriting Management has acquired the £15m GWP regional financial lines portfolio of Novae Syndicates and confirmed it intends to set up a new Managing General Agency (MGA) in the new year to underwrite the account.
The new MGA, Nexus Professional Risks, will be entirely underwritten by Novae's Syndicate 2007 and led by former Novae employees Jonathan Morgan, Lindsay Noble and Joanne Edgley. Six other Novae underwriters will also transfer to the new business.
Nexus added that the Novae London Market professional indemnity account led by Martin King will be unaffected by the sale.
Colin Thompson, group chief executive officer at Nexus Group, commented: "This portfolio represents an excellent fit for Nexus
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