Nexus Underwriting buys regional U.K. financial lines business from Novae

LONDON—Nexus Underwriting Management Ltd. has acquired the U.K. regional financial lines portfolio of Novae Syndicates Ltd. and will set up a managing general agency next year to underwrite that account, the London-based company said Wednesday.

All capacity for the MGA, called Nexus Professional Risks, will be provided by Novae's Lloyd's of London syndicate 2007.

The renewal rights for the portfolio of non-London market financial lines business, which currently has gross written premium of more than £15 million ($24.2 million), will transfer to Nexus Professional Risks, the two companies said in a statement.