Nexus EBA is within Lloyd’s and possesses coverholding authority (MGA), on a variety of lines of business. EBA offers real products and territorial expertise; one of its main advantages is the fact that it is operated by native language speakers at Nexus EBA, thus allowing multinational co-operation.
Traditionally, Lloyd’s Underwriters could not get access to ‘small ticket’ business, so they granted delegated authorities to local brokers. Lloyd’s Brokers functions were to supervise and manage the placement and administration of these delegated authorities.
However, there are several problems with this model:
Nexus EBA Solution
Qualities sought by Nexus EBA
Nexus EBA specialises in resolving difficult tasks and unpopular demands. Consider the following: a German family insurance company wants to find insurance for companies exporting products inside the EU. Since many German insurers are reluctant to cover the risks of claims outside Germany, Nexus EBA would be able to create a product and find an insurer in the Lloyd’s market. The German broker could expand and apply the model in other European countries.
A good example of the type of co-operation Nexus EBA is involved in is the work carried out in France. A French broker was asked by a bank to offer obligatory insurance to its mortgage clients. The insurance covers the cost of repairing defects in new properties for the first ten years of its existence. Despite the insurance being known as a loss-making class, Nexus EBA managed to find cover for it in London, by applying well-managed underwriting rules.
The main advantages offered to our partners can be summed up as:
They keep broker status, but with Nexus EBA they have many of the benefits that the coverholder ethos has traditionally offered.
We hope that we will be able to establish similar partnerships in Europe and offer professional services and products to European clients, who can share with us the qualities of partnership.
The Nexus Group employ over 120 people
Gross Written Premium to exceed US$250m this year
Colin Thompson (Executive Chairman), Ian Whistondale (NED), Hugh Morland (Deputy Chairman), Dan Topping(NED), Stuart Rouse (CFO/COO), Tim Coles (CEO), Jeremy Adams (NED).
Holding company for Nexus Underwriting Ltd, EBA Insurance Services Ltd, Nexus CIFS Ltd, Nexus Underwriting Asia (Holdings) Ltd, Millstream Underwriting Ltd. No requirement for FCA authorisation.