New Lloyd’s Managing General Agency Formed by Nexus Group to Focus on Professional Indemnity and Management Liability

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Nexus Underwriting Management Limited having recently completed the purchase of Novae Syndicates’ regional financial lines business launches new MGA

Professional Indemnity Insurance Underwriting

Nexus Underwriting Management Limited is pleased to announce the launch of its new Lloyd’s Managing General Agency, Nexus Professional Risk Ltd (NPR). The new agency will focus primarily on Professional Indemnity and Management Liability business and is a result of the recent purchase of the Novae Syndicates’ Regional Financial Lines business by Nexus.

NPR’s underwriting capacity will be provided by Novae’s Syndicate 2007 and Sagicor's Syndicate 1206. The agency will be led by former Novae employees Jonathan Morgan, Lindsay Noble and Joanne Edgley. In addition, 4 other Novae underwriters and assistants have transferred to NPR and all renewal rights to the existing Novae Regional Financial Lines portfolio have moved to Nexus. All supporting brokers have been contacted prior to the transfer. The Novae London Market Professional Indemnity account managed by Martin King remains unaffected by this business transfer to Nexus and will continue to be led by Martin. It will also operate without change from Gallery One at Lloyd's.

Nexus Group CEO, Colin Thompson, commented: "We are delighted to be able to announce the formal launch of Nexus Professional Risks Limited (NPR) following the transfer of business from Novae in October 2011. It has been a busy time for the Nexus Group and the NPR team to integrate the business so that we can provide a seamless transfer of the business and continue the excellent service to our distribution partners who support the NPR platform. The realisation of this business transfer and launch of NPR means that the Nexus Group’s product mix, profitability and distribution model has been vastly enhanced."

To find out more about Nexus Professional Risk Ltd, please visit http://www.nexusprofessionalrisks.com

To find out more about Nexus Underwriting Management Limited, please visit http://www.nexusunderwriting.com

For more information

Colin Thompson
Chief Executive Officer
Tel: +44 (0)20 3102 4273
Mobile: +44 (0) 7595106939
cthompson (at) nexusunderwriting (dot) com

Andrew Pecover
Group Development Director
Tel: +44 (0) 203 102 4282
Mobile: +44 (0) 7736 771 844
apecover (at) nexusunderwriting (dot) com

Nexus Underwriting Management Ltd, Third Floor, 70 St Mary Axe, London, EC3A 8BE
http://www.nexusunderwriting.com

Nexus Underwriting Management is a unique and innovative private equity backed vehicle, established with the intent of offering a fast track entry into the professional lines market place for new insurers.

Through our operating subsidiaries, Nexus will manage approximately US$100m of Gross Written Premium in 2012.

Nexus Underwriting Management Limited, Company Number 7055303 is registered in England. It is the holding Company for Nexus Underwriting Limited (trading as Nexus Financial Products) and Torus Executive Risks Ltd.

Nexus Financial Products is a Lloyds Consortium, whose Consortium Partners are AG Dore & Others 2526, Montpelier 5151, Mitsui Sumitomo 3210, Flagstone 1861 and Marketform 2468.
http://www.nexusfinancialproducts.com

Torus Executive Risks Ltd underwrites on behalf of Torus Insurance (UK) Ltd http://www.torusexecutiverisks.com

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Andrew Pecover

Colin Thompson
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