NEXUS AND AGCS SIGN SME FINANCIAL LINES DEAL

Managing general agent (MGA) Nexus Group has struck a capacity deal with Allianz Global Corporate and Specialty (AGCS) to provide financial lines covers for small and medium-sized enterprises (SMEs). The new four-year agreement comprises gross written premium capacity of £50m ($69.6m) for the first year. It includes products across professional indemnity, directors’ and officers’ liability, crime and pension trustee liability for customers in the financial services and commercial industries. André Ford, group chief underwriting officer at Nexus, said this was an area where market capacity has been "restricted”. Nexus has been strengthening its financial lines business over the past year. The group’s US financial lines team has grown in premium income more than 50% since it launched in February last year. It recently hired Denise Socrates as vice-president of its US management and professional liability team.