Managing general agent Nexus Group has purchased Hiscox MGA Marine via an asset purchase into Millstream Underwriting Limited, a Nexus Group company which specialises in consumer insurance.

Hiscox MGA Marine underwrites yachts and the marine trades industry. It was established in 2012 and acquired by Hiscox in 2015.

Hiscox will continue to provide underwriting capacity for the business alongside other existing markets such as Talbot and AXA XL.

Tim Brangwyn, group COO of Nexus, said: “Following the very successful acquisition of Hiscox Global Flying in December 2018, it’s been a pleasure to work again with Hiscox. The opportunity to bring in a talented team with an established business and a leading position within its market is everything that we are about.”

Paul Miller, director of marine underwriting at Hiscox MGA Marine, added: “As a team, we have enjoyed some great successes during our five years at Hiscox, and we are looking forward to creating more opportunities as part of Nexus.”

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