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Nexus buys over HK-based marine insurer Beacon

Nexus buys over HK-based marine insurer Beacon
Nexus Underwriting Management (Nexus) has acquired Hong Kong-based marine insurers Beacon Underwriters (Beacon), its first overseas acquisition and one which marks its entry into the marine underwriting business in Asia.

The acquisition of Beacon augments Nexus’ footprint in Asia, subsequent to the opening of Nexus Underwriting Asia (HK) in 2015. The marine lines of business are new to Nexus and further diversify the group in the specialty niche underwriting space.

Beacon was established in 2009 as a Lloyd’s Coverholder to write Marine Cargo, Hull and Machinery and Ports and Terminals business for Asian and Middle East markets.

Beacon Md Ravi Shroff has over 30 years’ experience as an insurance underwriter and has been in Hong Kong working as an underwriter since 1987.

As part of the transaction, Shroff will remain as md of Beacon and will report to Jeremy Austen, Principle Officer of Nexus Underwriting Asia (HK), working out of existing premises at the Jubilee Centre in Wanchai.

He will be supported by his long-serving employees Eric Cheng as marine underwriter and Louisa To as accounts assistant.

Executive chairman of Nexus, Colin Thompson said: "We are delighted to welcome Ravi and his team to the Nexus family. Beacon has a proven track record of profitable underwriting and we are excited at the prospect of continuing to build on this success.”

"I am delighted for Beacon to become part of such a well-established, diverse and profitable global MGA. Being part of Nexus will enable us to access further distribution channels and present us with new opportunities, which we are most excited about," added Shroff.

Jeremy Austen, principle officer of Nexus Underwriting Asia (HK), said: "We are very pleased to have Ravi and his team join our growing Nexus Underwriting Asia (HK) platform.  Ravi is a well-respected marine underwriter and local Insurance practitioner here in Hong Kong. We look forward to adding marine hull, cargo, yachts and liabilities to our growing specialty products in Asia, whilst welcoming Ravi and his colleagues on-board."