Argo Financial Now A Lloyd’s Consortium
Nexus Underwriting Management Ltd. has converted Argo Financial Products Ltd. into a consortium at Lloyd’s of London called Nexus Financial Products.
Partners in the consortium are professional liability and medical malpractice syndicate 2526, which is managed by A.G. Doré & Others, and property engineering and marine syndicate 5151, which is managed by Montpelier Underwriting Agencies Ltd. Capital is being provided by Bermuda-based Montpelier Re Holdings Ltd.
Bermuda’s Argo Group International Holdings, Ltd, an international underwriter of specialty insurance and reinsurance associated with UK-based Nexus, launched Argo Financial Products Limited in 2008.
Based in London, Argo Financial specialised in a broad array of financial lines products including directors’ and officers’ liability, public offering of securities insurance, employment practices liability, pension trustee liability, crime, and bond and professional indemnity for financial institutions.
Under the Nexus Financial Products brand, the previous Argo operation will continue to underwrite financial lines business with limits of up to £10 million, Nexus said in a statement today [Feb. 1].
Nexus, which is backed by private equity funding, was set up last year as an underwriting management platform for professional lines for new entrants into that class of business and had gross written premiums of about $60 million last year.
In addition to Nexus Financial Products, Nexus also manages trading subsidiary Torus Executive Risks Ltd., an underwriting agency joint venture with Bermuda-based Torus Insurance Holdings Ltd., which underwrites financial lines with limits of up to £10 million.
