Much water has passed under the bridgesince our last bulletin, not least that it’s nolonger called the 150 Bulletin as we haverecently moved not far down LeadenhallStreet to the impressive Hallmark Building atnumbers 52-56.There has been a flurry of exciting acquisitionsduring the year so far and, in July, we raised afurther £30 million capital by way of loanfacilities giving us the ability to undertakefurther merger and acquisition activity.A couple of months earlier we were featuredfor the first time in the 2017 London StockExchange’s report 1,000 Companies to InspireBritain. This annual report features the UK’smost dynamic and fastest growing businessesand it’s a credit to all our employees that wewere included in this prestigious report.Another exciting announcement was thesuccessful fruition of an initiative with BeazleySyndicate to provide Cyber insurance with viaour broker network, whereby we willunderwrite a new line offering third partycover up to a maximum limit of liability of£5,000,000 in the aggregate per policy.I interestingly attended the Monte CarloRendez-Vous for the first time with KieronFarrelly, CEO, and Chris Holland, VicePresident of Nexus Re following thecompletion of the deal with ZON Re. Duringthe Rendez-Vous, I met with many otherfigures in this bustling re-insurance market,as well as the media, and there was much todiscuss, not least the busy and topicalhurricane season.Enjoy this bumper edition of our Bulletin andhope to see you at our new location soon.

With best wishes,

Autumn 2017

Colin ThompsonFounder and Executive Chairman of Nexus

Nexus Re launchedin the USA

At the time, Colin Thompson commented:“What we found particularly impressive aboutZON Re’s Treaty Reinsurance MGA, is theconsistency around the underwritingprofitability of the business, with a long,proven, track record of generating significantunderwriting profit for its carriers, the by-product of a high calibre management teamwith a wealth of experience within the PATreaty Reinsurance market. We look forwardto working together with the team, to growand build the book going forward.”He also added: “Following on from thesuccessful conclusion of Nexus’ capitalraising process last week, ZON Re’s TreatyReinsurance MGA fits the model of profitable,proven, niche MGAs, that we plan to targetwith our ‘buy and build’ strategy, which willdeliver significant EBITDA and value to theNexus group. ZON Re’s Treaty ReinsuranceMGA alone will add EBITDA in excess of $3million to the Nexus Group in 2017.”This is the third acquisition we haveexchanged on or completed in the past

month, following the purchase of EquinoxGlobal last week and Vectura Underwritingat the end of June. Combined, these threeacquisitions will add GWP of £40 millionand EBITDA in excess of £3 million to theNexus Group in 2017, 3 additionalcountries and 6 new offices to ourfootprint, not to mention a number ofhighly profitable product lines.Looking forward, our revised financialforecast including all recent acquisitions,will mean that we will have reshaped ourbusiness to be one that delivers £160million of GWP, and income of £30 millionand actual EBITDA of greater than £10million in 2017. On a pro-forma basis, our2017 EBITDA will be £14 million and therewill be more acquisitions to follow.”Whilst ZON Re’s PA Treaty ReinsuranceMGA has been acquired by Nexus, ZON Rewill continue to operate a nationallylicensed insurance agency and fully digitalThird Party Administrator (TPA) platformunder its current brand.

Shortly after Independence Day we completed the acquisition ofthe Personal Accident Treaty Reinsurance MGA operated byNew Jersey based ZON Re via an asset purchase. This was ourfirst acquisition in the US, adding treaty as a new class ofbusiness for the Group.

Nexus Group52-56 Leadenhall Street, London EC3A 2EBT: +44 (0) 20 3011 5700W: www.nexusunderwriting.comE: info@nexusunderwriting.comDisclaimer: The information contained in this newsletter is for generalinformation purposes only. Whilst we endeavour to keep the information up todate and correct, we make no representations or warranties of any kind,express or implied, about the completeness or accuracy of the information,products or services contained in the newsletter. Any reliance you place onsuch information is therefore strictly at your own risk. In no event will we beliable for any loss or damage including without limitation, indirect orconsequential loss or damage, or any loss or damage whatsoever arising outof, or in connection with, the contents of this newsletter.

New office in Cork, IrelandJuly was a busy month with the opening of anew Nexus office in Cork following theestablishment a branch in Ireland headed byStephen Comerford in July 2016.With over 15 years experience in SuretyBonds with Aviva Ireland and CampionInsurance Brokers, Stephen Comerfordspecialises in securing solutions forbuilders, developers and licensed servicecontractors in a market where manytraditional surety players have ceasedunderwriting this class of business.Stephen Comerford, New BusinessDevelopment Manager – Ireland & UK,Nexus EBA, noted that: “The new office will

give us an excellent platform to continuesupporting the group, now one of the UK’Slargest MGAs, and our surety capacityprovider, AmTrust Europe Limited, an ‘A’rated insurer, with whom we have directaccess to decision makers with underwritingability to deliver bonds within the timeframerequired, all bringing stability and peace ofmind to projects across all sectors.”Nexus acquired EBA Insurance Services inAugust 2015 which enabled Nexus to offeran extended insurance product range thatincluded Surety, Latent Defects,Construction and Casualty throughoutEurope.

Nexus Acquires Specialist TradeCredit MGA Equinox GlobalEquinox Global Ltd, a registered andapproved Lloyd's Coverholder, and all otherEquinox group companies, was recentlyacquired as well.Established in 2009, Equinox is a fast-growing specialist Trade Credit MGA, whichwill continue to be supported postacquisition by its founding shareholders andmanagement team. With offices in London,New York, Paris, Hamburg and Amsterdam,Equinox will continue to be provided withunderwriting capacity by Beazley, previouslyits largest shareholder, through a 10-yearunderwriting support agreement.Colin Thompson commented at the time:“Beazley offering a 10-year capacitycommitment speaks volumes about thequality of both Equinox’s underwriting andmanagement. We are excited about workingtogether with Mike Holley and his team tobuild a global market leading trade creditoffering which, when combined with ourcurrent trade credit MGA Nexus CIFS, will bea £60m GWP business underwritingprofitable global specialist trade creditinsurance.”He added: “Importantly, Equinox and NexusCIFS’ books of business are complementary,with very little overlap, both in terms of linesizes and geographical focus, resulting insignificant opportunities to expand globallyby harnessing the joint distribution channelsfollowing the transaction.”

Mike Holley, Chief Executive Officer, EquinoxGlobal, commented:“We are delighted to be joining the NexusGroup for the next stage in the Equinoxjourney. I have been really impressed atNexus’ commitment to the trade creditclass, and this acquisition will enableEquinox to accelerate its growth and productoffering in all countries where we arepresent. There is a significant opportunity totake advantage of Nexus CIFS' productofferings, feeding these through andleveraging the significant investmentsEquinox has made in its international officenetwork and infrastructure. Equinox specialises in writing trade creditinsurance for larger corporates andmultinational companies. The productoffering includes non-cancellable creditlimits; syndication with other credit insurers,and a top quality credit limit servicedelivered by its state of the art online portalEquinox Approach.” Mike Holley is well-known in the creditinsurance industry, having worked in thesector since 1983. He has held various creditinsurance positions and for many years hehas led profitable business units in thesector at director level. He has often beenassociated with new developments in theindustry, and is a leading commentator inthe media, at conferences and other events.

Nexus Purchases Specialist MarineCargo Insurer MGAIn June, the Nexus Group acquiredVectura Underwriting, a registered andapproved Lloyd's Coverholder, from AquilaUnderwriting LLP. Established in June2007, Vectura Underwriting is a specialistMarine Cargo insurer and reinsurerheaded up Stephen Fletcher, togetherwith Tim Hancox, who have now relocated

Role changes atNexus CIFS

Effective from 23rd October 2017 we aredelighted to announce that Ian Selby (NCIFSRisk Underwriting Manager) will take up thenewly created position of Commercial Director.This role will cover the commercial activities ofNexus CIFS including renewals and newbusiness. The position has been createdfollowing the announced retirement of SueMorley, NCIFS Client Services Director.Sue will be leaving the business on 3rdNovember, to take up a Non-Executive Directorrole within the Nexus Group.As a result of this, we have taken theopportunity to merge the responsibility for therenewal and new business teams under oneperson and are delighted that Ian has acceptedthe offer to take on this new role.We very much look forward to working with Ianon the commercial side of the business andwish Sue all the very best for her retirement.

Sue Morley

Ian Selby

Office MoveOn Friday 29th September the NexusLondon team moved from 150 LeadenhallStreet to new premises at 52 - 56Leadenhall Street, London EC3A 2EB.Please note that our phone numbers andemail addresses remain unchanged.

to Nexus’ global headquarters inLeadenhall Street.Vectura Underwriting is a dedicated andfocused Underwriting Agency specialisingin International Cargo Insurance, DomesticTransit, Freight Liability, ATA Carnet andCustoms Bonds associated with thetransport of goods & Dry Towage Risks.