NPR will focus on PI and management liability
Nexus Underwriting Management has announced the launch its new Lloyd’s Managing General Agency, Nexus Professional Risk Ltd (NPR).
The new agency will focus primarily on professional indemnity and management liability business and resulted from Nexus’ purchase of the Novae Syndicates’ Regional Financial Lines business.
NPR’s underwriting capacity will be provided by Novae’s Syndicate 2007 and Sagicor’s Syndicate 1206.
The agency will be led by former Novae employees Jonathan Morgan, Lindsay Noble and Joanne Edgley.
In addition, four other Novae underwriters and assistants have transferred to NPR and all renewal rights to the existing Novae Regional Financial Lines portfolio have moved to Nexus.
All supporting brokers have been contacted prior to the transfer.
The Novae London Market Professional Indemnity account managed by Martin King remains unaffected by the business transfer to Nexus and will will continue to operate from Gallery One at Lloyd’s.
Nexus Group chief executive Colin Thompson said: “We are delighted to be able to announce the formal launch of Nexus Professional Risks Limited following the transfer of business from Novae in October 2011.
“It has been a busy time for the Nexus Group and the NPR team to integrate the business so that we can provide a seamless transfer of the business and continue the excellent service to our distribution partners who support the NPR platform.
“The realisation of this business transfer and launch of NPR means that the Nexus Group’s product mix, profitability and distribution model has been vastly enhanced.”
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