Nexus Underwriting has announced that it has completed its acquisition of Evolve Cyber Insurance Services, a cyber MGA based in California. This strategic move marks Nexus's entry into the cyber insurance market and represents its 17th acquisition since its establishment in 2008.
Evolve, a three-time Cyber MGA of the year awardee, will now offer the newly introduced Evolved Nexgen policy, underwritten by Lloyd's of London, across all 50 states.
With offices in California, New York, and Texas, Evolve boasts a nationwide network of over 3,000 broking partners and serves approximately 6,000 policyholders, Nexus said in a news release.
Led by co-founders Michael and Patrick Costello, Evolve has successfully built one of the largest portfolios of cyber insurance for small and medium-sized enterprises in the United States.
The acquisition of Evolve significantly enhances Nexus's cyber insurance capabilities and expands its market presence.
“We are thrilled to announce the completion of this acquisition,” said Adam Kembrooke, CEO and president of Nexus Underwriting US. “Evolve is a highly respected market leader in the US cyber insurance space, and their team of cyber experts is second to none. This acquisition is a strategic move that will not only expand our specialty product offerings but also position Nexus as a leading provider of solutions at the forefront of the rapidly growing cyber insurance market.”
“We are excited to join the Nexus team,” Michael and Patrick Costello said in a statement. “Nexus is a leading specialty MGA with a strong track record of success, and we believe that this combination will create a powerful force in the cyber insurance market. Together, we will be able to offer our customers a broader range of products, provide them with superior service with the support they need to protect themselves against cyber risk and best-in-class claims support should they need it.”
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