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LONDON—Nexus Underwriting Management Ltd. has launched Lloyd's of London managing general agency Nexus Professional Risk Ltd., Nexus announced Tuesday.
The new agency, which is a result of London-based Nexus' recent purchase of Novae Syndicate's regional financial lines business, will focus primarily on professional indemnity and management liability business, Nexus said in a statement.
The new MGA'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.
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 Mr. King. It also will operate without change from Gallery One at Lloyd's.
“We are delighted to be able to announce the formal launch of Nexus Professional Risks Ltd. following the transfer of business from Novae in October 2011,” said Nexus Group CEO Colin Thompson in the statement. “The realization of this business transfer and launch of NPR means that the Nexus Group's product mix, profitability and distribution model has been vastly enhanced.”