Nexus Group buys Hiscox Global Flying

Managing general agent (MGA) Nexus Group has bought Hiscox’s global flying (HGF) book for an undisclosed amount.

The deal was completed through an asset purchase into Millstream Underwriting a Nexus Group company that specialises in accident & health and travel insurance.

According to Nexus, the full ownership of HGF will transfer to Millstream, while Hiscox will continue to provide underwriting capacity for the business.

It is Nexus’ fourth acquisition this year.

Established in 1996, HGF provides insurance for aviation professionals to protect against the financial consequences of loss of license and training expenses resulting from bodily injury or illness.

The business was acquired by Hiscox in 2006.

Capabilities
HGF lead underwriter is Ian Groves and Millstream will be headed up by managing director Tim Brangwyn.

Colin Thompson, founder and group CEO of the Nexus said: “This is a great book of business with a proven track record of profitable underwriting and fits seamlessly into Millstream’s model.”

“This acquisition will expand Millstream’s capabilities and expertise in the accident & health space.”

Deals
Thompson continued: “As a group, we continue to look at enhancing our current offering through strategic deals such as this one, and by diversifying into new product areas through transformational acquisitions.”

He also said that there would be further cross selling opportunities with the group’s September acquisition of aerospace MGA Altitude Risk Partners which he hoped the company would capitalise on during 2019. 

Earlier this year Nexus bought Lloyd’s coverholder Apsley Specialty. 

Customer base
Thompson concluded: “This [HGF] is our fourth acquisition in 2018 and our eighth in the last 20 months. We continue to see a healthy flow of new opportunities and will look to take advantage of this in 2019.”

Gary Head, chief underwriting officer at Hiscox said: “We are confident that in working with Millstream, our broker partners and customers will find that it really is business as usual.”

The HGF customer base is principally airline pilots, with the rest of the book comprising helicopter pilots, air traffic controllers, cabin crew and marine personnel. HGF provides both group and individual policies mainly in the UK and Europe, with some wider international business. 

For all the latest industry news direct to your inbox, sign up for our daily newsletter.