XL Catlin has signed a three year underwriting capacity deal with independent specialty MGA, Nexus Underwriting, in Asia.
The deal will enable Nexus Underwriting Asia, based in Hong Kong, to offer up to US$15 million financial lines capacity to commercial businesses and financial institutions across multiple products such as D&O, professional indemnity and crime.
“This deal is a significant step forward in our exciting growth plans for the Asia region and a great opportunity for Nexus to deliver flexibility and value in the local Financial Lines market through partnering with XL Catlin, a strong global insurer committed to underwriting and claims excellence,” André Ford, group chief underwriting officer at Nexus Underwriting said of the deal.
Jeremy Austen, Principal Officer, Nexus Underwriting Asia, backed the partnership with XL Catlin, through XL Insurance Company SE, as Nexus looks to continue its growth in the region.
“Nexus Underwriting Asia will offer Financial Lines insurance for commercial businesses and financial institutions,” Austen said.
“XL Catlin is a strong underwriting partner for the region, being very much aligned with the Nexus ambition, product range and service values.”
Originally launched in November 2015, Nexus Underwriting Asia (HK) which has over 100 employees worldwide with gross written premiums set to surpass US$200 million in 2016.