Nexus Underwriting has entered into an agreement to acquire Arma Fusion, the parent company of Arma Underwriting.
The acquisition, which is Nexus’ 18th MGA acquisition and the first since its acquisition by Brown & Brown in October 2023, is driven by the desire to enhance its presence in the rapidly growing Middle East insurance markets. The financial details of the deal have not been disclosed.
Nexus Underwriting operates as a specialty insurance provider with a diverse portfolio of insurance products, focusing on strategic expansion through acquisitions. Arma Underwriting, founded in 2017, has established itself as a leading provider in the reinsurance sector, recognised for its extensive underwriting expertise and innovative insurance solutions.
This strategic acquisition is expected to enrich Nexus’ product offerings in the region, adding Arma’s specialty commercial products and extensive underwriting capabilities to its portfolio. The merger is seen as a step to bolster both companies’ market positions and enhance their service capabilities.
The transition will see Arma continue to operate under the leadership of its founder and CEO, Michael Rafter, who will collaborate with James Lawrie, Nexus CEO UK, Europe & International, to foster further growth in the Middle East.
Stuart Rouse, Kentro and Nexus Group Chief Executive Officer, said, “This acquisition signifies our ambition to continue investing in the rapidly growing insurance markets of Dubai and the Middle East. Arma’s business, with its range of specialty commercial products underpinned by significant underwriting specialization, will expand and enhance our existing product offering. This investment demonstrates our ambition to drive results not only through strong organic growth, but also through strategic acquisitions of organizations that fit culturally and make sense financially.”
James Lawrie, Nexus CEO UK, Europe & International, commented, “Arma is a highly respected and well-established business, and I have been hugely impressed by the team’s entrepreneurial mindset, extensive technical underwriting experience and track record in delivering underwriting returns to capacity partners. I look forward to working closely with them as they embark on the next stage of their journey as part of the Nexus team.”
Michael Rafter, Arma founder and CEO, added, “We are thrilled to announce this significant milestone for Arma Underwriting, marking an exciting new chapter for our company and all our stakeholders—including our dedicated employees, valued capacity and broker partners as well as loyal cedants. Joining forces with Nexus is a remarkable opportunity. We have found in them to be a partner who is not only strategically aligned but also shares our cultural values. This partnership positions us perfectly to accelerate our ambitious growth plans in the region.”
The transaction is expected to close in the first quarter of 2025, subject to certain closing conditions. The companies have expressed their gratitude to Asta, whose support has been vital in reaching this pivotal moment.
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