Suffolk law firm advises City underwriter takeover
Suffolk law firm Greene & Greene helped steer a key acquisition involving two leading London underwriters.
It advised Nexus Underwriting Management on its acquisition of Millstream Underwriting, an independent managing general agency specialising in travel personal accident and sickness insurance coverage. The takeover price is not being disclosed.
The Greene & Greene team was led by Simon Ratcliffe, an insurance specialist partner in the corporate team in Bury St Edmunds, who was closely supported by partner Andrew Cooper and employment partner Selene Holden.
Nexus is one of the largest independent specialty managing general agents in the London insurance market with its gross written premium due to surpass $200 million; it has enjoyed dynamic growth both organically and by acquisition since its origins in 2008.
Millstream was founded in 1999 by Martin Mills and works extensively with leading members of the insurance industry, including AGA International, Arch Insurance, Hiscox and Wesleyan.
As part of the deal, the existing management team of Mills and Simon McVey will continue to lead the business as a subsidiary of the Nexus Group. Colin Thompson, group CEO of Nexus said: “The acquisition of Millstream complements perfectly our strategy to deliver a multi-product, but niche focused specialty MGA (managing general agent).”
Simon Ratcliffe of Greene & Greene added: “The last year has been fantastic for Nexus and we are proud to have played a role in their continuing success.”
Greene & Greene’s involvement in the acquisition of Millstream follows on from its lead role in advising Nexus on its acquisition of businesses from Novae Syndicates in 2011 and 2012, the acquisition of EBA in August 2015 and a multi-million pound investment by B.P. Marsh & Partners plc into Nexus in 2014 and 2015.