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Nexus to acquire trade credit insurer Equinox Global

IBR Staff Writer Published 18 July 2017

Nexus Group, a specialty Managing General Agent (MGA), has acquired Lloyd’s coverholder Equinox Global and all its group companies for an undisclosed price.

Founded in 2009, Equinox is a global specialist trade credit insurer with offices in London, New York, Paris, Amsterdam and Hamburg.

The company writes trade credit insurance for larger corporate and multinational companies.

It provides them with non-cancellable credit limits, syndication with other credit insurers, and a credit limit service delivered through its online portal dubbed Equinox Approach.

Equinox and Nexus CIFSs’ books of business are said to be complementary with hardly any overlap when it comes to terms of line sizes and geographical focus.

The acquisition as a result is expected to create significant scope to grow globally by utilizing the joint distribution channels of the combined business.

Equinox Global CEO Mike Holley said: “The combined Nexus CIFS and Equinox together will be a powerful force for change in the Global trade credit market.

“There is a significant opportunity to take advantage of Nexus CIFSs’ product offerings, feeding these through and leveraging the significant investments Equinox has made in its international office network and infrastructure.”

After its acquisition, Equinox will continue to be backed by its founding shareholders and management team post acquisition as well with Steen Parsholt retained as chairman and Mike Holley as the CEO.

Also, there will be no change in the underwriting capacity provided to Equinox by its largest shareholder, Beazley as part of an underwriting support agreement spanning 10 years.

Founders of Equinox and Beazley are expected to become stakeholders in Nexus to bring all parties in line to grow and develop the trade credit insurance business.

Nexus CIFS managing director Richard Marriage said: “Working together will result in market leading service and expertise being provided to our supporting brokers and unique distribution opportunities across our underwriting capacity providers.

“The combined business will generate in excess of £60m profitable GWP, which will make Nexus Trade Credit a force to be reckoned with in the Trade Credit market.”

Last month, Nexus had acquired another approved Lloyd's Coverholder in Vectura Underwriting from Aquila Underwriting.

Image: Nexus Group to purchase Lloyd’s coverholder Equinox. Photo: courtesy of stockimages/Freedigitalphotos.net.