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Nexus names non-executive deputy chairman for trade credit MGAs

Nexus names non-executive deputy chairman for trade credit MGAs | Insurance Business UK

Nexus names non-executive deputy chairman for trade credit MGAs
Independent Managing General Agent (MGA) Nexus Group, which recently acquired specialist trade credit broker Credit Risk Solutions (CRS), has appointed Charles Penruddocke as non-executive deputy chairman of Nexus CIFS Ltd and Equinox Global Ltd.

Head of specialty lines (Bermuda) and global product lead at MS Amlin, the four-decade underwriting and broking veteran joins the specialty MGA amid its continued expansion in trade credit. Nexus has pointed to acquisitive growth following the purchase of trade credit MGA Equinox Global and trade credit intermediary CRS, as well as organic growth at trade credit MGA Nexus CIFS.

Penruddocke, a Lloyd’s member since 1974, has held leadership roles across four continents. He was head of specialty and international underwriting at Arch Re in Bermuda prior to MS Amlin.

“Charles is a hugely respected figure in the specialty market, and we are delighted that he has chosen to join Nexus,” said Nexus founder and executive chairman Colin Thompson. “In addition to a wealth of experience, Charles will bring valuable independence, governance, and oversight to our growing trade credit MGAs.”

He added: “Trade credit is a class of business that we have identified as having a lot of growth potential, with rates hardening and the market being comparably less saturated than other classes.”

“We believe we have created the largest trade credit MGA outside of the US with a leading range of proprietary product offerings out of five different countries, GWP (gross written premium) of £60 million, income of £13.5 million, and 55 employees,” noted Thompson. “Within three years, we see this growing into GWP of £100 million out of seven operating countries, and positioning ourselves as one of the top six credit insurance companies globally.”

Aside from trade credit, Nexus underwrites specialty products within financial lines, accident and health, surety, travel, property, latent defect, marine, and cyber.

Related stories:
Markel announces new trade credit unit in the US
Nexus Group reveals acquisition of trade credit MGA Equinox Global