Greene & Greene advises Nexus on Hong Kong acquisition
Suffolk law firm Greene & Greene has advised Nexus Underwriting Management on the acquisition of Beacon Underwriters by its wholly owned subsidiary, Nexus Underwriting Asia (Holdings). No figures for the deal have been released.
Hong Kong-headquartered, Beacon Underwriters was established by Ravindra Shroff in 2009 as a Lloyd's Coverholder to write marine cargo, hull and machinery and ports & terminals business for the Asian and Middle Eastern markets.
The Greene & Greene team was led by Simon Ratcliffe, a partner in the corporate team in Bury St Edmunds, supported by fellow partners Andrew Cooper and Selene Holden.
The Nexus Group has forecast gross written premium of more than US$175m for 2016 and now trades out of offices in London, France, Italy and Hong Kong.
Nexus has enjoyed dynamic growth both organically and by acquisition since its origins in 2008. The acquisition of Beacon Underwriters augments Nexus’ footprint in Asia, subsequent to the opening of Nexus Underwriting Asia in 2015. As part of the transaction, Ravindra Shroff will remain as the managing director of Beacon Underwriters.
Colin Thomson, group CEO of Nexus 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.
“Simon Ratcliffe, Andrew Cooper, Selene Holden and their team at Greene & Greene have again been a great support to me and my fellow directors through this complex process and over the last eight years as advisers to our company, for which we are very grateful.”
Ratcliffe added: “This is another great acquisition for Nexus which has established itself as a global MGA.”
Greene & Greene’s involvement in the acquisition of Beacon Underwriters follows on from its lead role in advising Nexus on its acquisition of businesses from Novae Syndicates in 2011 and 2012 respectively, the acquisition of EBA in August 2015, multi-million pound investments by B.P. Marsh & Partners plc into Nexus in 2014 and 2015 and the acquisition of Millstream Underwriting in 2015.