Greene & Greene advises Nexus Underwriting Management on the acquisition of EBA...
Leading Suffolk law firm Greene & Greene has advised Nexus Underwriting Management Limited on its acquisition of EBA Insurance Services. London headquartered EBA also has operations in France and Italy, underwriting on behalf of Lloyd's syndicates and other insurance companies, as well as placing insurance in the Lloyd's market.
The Greene & Greene team was led by Simon Ratcliffe, an insurance specialist Partner in the Corporate team in Bury St Edmunds, who was closely supported by solicitor Andrew Cooper and employment Partner Selene Holden.
Nexus is one of the largest independent Specialty Managing General Agents in the London insurance market with its Gross Written Premium due to surpass US$135 million in 2015, which has enjoyed dynamic growth both organically and by acquisition since its origins in 2008. EBA was founded by seasoned insurance professionals in 1999 to serve European and worldwide clients and currently produces €30 million gross written premium per annum. As part of the transaction, the existing management team of Simon Barker, Christina Spelman and Tony McCallum will continue to lead the business as a subsidiary of the Nexus Group.
Colin Thomson, Group Chief Executive Officer of Nexus commented:
“We are delighted to complete the acquisition of EBA, one of the leading specialist MGAs in Europe. We have been impressed by the enthusiasm that the EBA management team have for joining us at Nexus and are excited about the prospect of growing our business further. Simon Ratcliffe, Andrew Cooper and their team at Greene & Greene have been a great support to me and my fellow directors through this process and over the last 7 years as advisers to our company, for which we are very grateful.”
Simon Ratcliffe of Greene & Greene added:
"We are delighted to have helped Nexus finalise the acquisition of EBA and to continue our support of Nexus's growth strategy. This is another great acquisition for Nexus, who remain a highly valued client of the firm.”
Greene & Greene’s involvement in the acquisition of EBA follows on from its lead role in advising Nexus on its acquisition of professional risks and trade credit insurance businesses from Novae Syndicates in 2011 and 2012 respectively, as well as advising on the multi-million pound investment by B.P. Marsh & Partners plc into Nexus in 2014 and 2015.