Nexus Group has completed the acquisition of Hiscox MGA’s marine business (HMM), effective December 30, 2020.

The transaction was conducted via an asset purchase into Millstream Underwriting Limited, a Nexus Group company specialising in consumer insurance, a statement from Nexus said.

HMM was established in 2012 before being acquired by Hiscox in 2015. The team focuses on underwriting yachts and the marine trades industry.

Following the transaction, HMM will be integrated into Millstream and move into Nexus Group’s London headquarters in Leadenhall Street. Hiscox will continue to provide underwriting capacity for the business alongside other existing markets, led by long-standing supporters Talbot and AXA XL, the statement added.

HMM is led by Paul Miller, who has over 35 years’ experience in the yacht market, including eight years on the Joint Hull Committee and five years as chairman of the IUMI IFY Committee. Dan Shacklock, Steven Baker, Charlotte Lovett and Karen Weston will also join Millstream as part of the acquisition.

“The completion of this deal marks Nexus’s 18th acquisition since its inception and is a fantastic way to close out 2020,” said Nexus Group founder and CEO Colin Thompson. “As we look to grow from a US$500 million GWP MGA today towards a US$1 billion GWP MGA in 2023, this is exactly the sort of sizeable specialty business with significant underwriting pedigree that we will be looking to partner with moving forwards.”