Greene & Greene advises Nexus Underwriting Management on the acquisition of Millstream
Leading Suffolk law firm Greene & Greene has advised Nexus Underwriting Management Limited on its acquisition of Millstream Underwriting Limited, an independent managing general agency specialising in travel personal accident and sickness insurance coverage, completing on 16 December 2015.
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 partner 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$200 million, which has enjoyed dynamic growth both organically and by acquisition since its origins in 2008. Millstream was founded in 1999 by Martin Mills, and works extensively with leading members of the insurance industry, including AGA International, Arch Insurance, Hiscox and Wesleyan. As part of the transaction, the existing management team of Martin Mills and Simon McVey will continue to lead the business as a subsidiary of the Nexus Group.
Colin Thompson, Group Chief Executive Officer of Nexus commented:
“The acquisition of Millstream complements perfectly our strategy to deliver a multi-product, but niche focused, specialty, MGA. Martin and his team have built a fantastic business that has a market-wide reputation built on its focus and expertise . As always, Simon, Andrew and their team at Greene & Greene have been a tremendous support to Nexus during this process and we sincerely look forward to working with them again on further acquisitions which are already in the pipeline.”
Simon Ratcliffe of Greene & Greene added:
"We are delighted to have helped Nexus finalise the acquisition of Millstream and to continue our support of Nexus's growth strategy. This year has been a fantastic year for Nexus and we are proud to have played a role in their continuing success. We are already looking forward to what should be another great year in 2016.”
Greene & Greene’s involvement in the acquisition of Millstream follows on from its lead role in advising Nexus on its acquisition of businesses from Novae Syndicates in 2011 and 2012, the acquisition of EBA in August 2015 and the multi-million pound investment by B.P. Marsh & Partners plc into Nexus in 2014 and 2015.
Greene & Greene Solicitors
80 Guildhall Street, Bury St Edmunds, Suffolk IP33 1QB
Tel: 01284 762211 www.greene-greene.com @GreeneGreeneLaw