Bury St Edmunds-based Greene & Greene advises Nexus on Millstream Underwriting acquisition
- Credit: Archant
Law firm Greene & Greene has advised London-based Nexus Underwriting Management on its acquisition of Millstream Underwriting, a specialist in travel personal accident and sickness insurance which is also based in the capital.
The team at Bury St Edmunds-based Greene & Greene was led by Simon Ratcliffe, an insurance specialist partner in the corporate team.
He was supported by fellow company and commercial 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 gross written premium approaching 200million US dollars (around £135m).
Millstream works extensively with leading members of the insurance industry, including AGA International, Arch Insurance, Hiscox and Wesleyan. Its existing management team of Martin Mills, who founded the business in 1999, and Simon McVey will continue to lead the business as a subsidiary of the Nexus group.
Colin Thompson, group chief executive at Nexus, said: “The acquisition of Millstream complements perfectly our strategy to deliver a multi-product, but niche focused, specialty, MGA (managing general agent).
“Martin and his team have built a fantastic business that has a market-wide reputation built on its focus and expertise.
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“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.
2This 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 BP Marsh & Partners plc into Nexus in 2014 and 2015.