Nexus Underwriting buys majority stake in UAE specialist MGA

U.K.-based Nexus Underwriting Management Ltd. has completed the purchase of a majority stake in U.A.E.-based specialist managing general agent Spectrum Risk Management Ltd. which focuses on marine and property insurance and reinsurance, Middle East Insurance Review reported. Colin Thompson, chief executive at Nexus, said the partnership presents an opportunity to grow its underwriting in Dubai in excess of $50 million over the coming three years.