A managing general agent (MGA) group has acquired Equinox Global, a specialist trade credit insurer to large corporates and multinationals.
Nexus Group, an MGA that acts as both an insurance broker and underwriter, announced today (July 17) the buyout of Equinox Global – an approved Lloyd’s coverholder itself – and all its associated companies.
Equinox, an international firm with offices in London, New York, Paris, Hamburg and Amsterdam, will continue to be supported post acquisition by its founding shareholders and management team of Steen Parsholt, Mike Holley, Rob Crampton and Vicki Harrison.
Parsholt will remain as chairman and Holley will stay on as chief executive of Equinox, with the founders of Equinox and Beazley becoming shareholders in Nexus.
Holley said: “We are delighted to be joining the Nexus Group for the next stage in the Equinox journey. I have been really impressed at Nexus’ commitment to the trade credit class, and this acquisition will enable Equinox to accelerate its growth and product offering in all countries where we are present.
“There is a significant opportunity to take advantage of Nexus CIFS’ product offerings, feeding these through and leveraging the significant investments Equinox has made in its international office network and infrastructure.”
Colin Thompson, founder and executive chairman of Nexus, said: “We are excited about working together with Mike and his team to build a global market leading trade credit offering which, when combined with our current trade credit MGA Nexus CIFS, will be a £60m GWP business, underwriting global specialist trade credit insurance.
“Importantly, Equinox and Nexus CIFS’ books of business are complementary, with very little overlap, both in terms of line sizes and geographical focus. This will result in significant opportunities to expand globally by harnessing the joint distribution channels.”
After the acquisition, Equinox will also continue to be provided with underwriting capacity by Beazley, previously its largest shareholder, through a 10-year underwriting support agreement.